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Kuala Lumpur - The Asian Development Bank (ADB) has downgraded Malaysia's gross domestic product (GDP) growth forecast to 3.8 percent from 4.7 percent for 2021 and 5.9 percent from 6.1 percent next year.
In its regular supplement of the Asian Development Outlook (ADO) 2021, the bank said Southeast Asia's 2021 outlook had been revised down by 0.1 percentage points to 3.0 percent.
Despite the decrease, Malaysia is only behind Singapore with 6.9 percent and the Philippines with 5.1 percent, but higher than Indonesia (3.5 percent), Vietnam (2 percent) and Thailand (1 percent).
The bank also revised its economic growth outlook for Asia down slightly to 7.0 percent this year and 5.3 percent next year.
ADB’s latest estimates compare with the bank’s September forecasts of 7.1 percent growth for 2021 and 5.4 percent for 2022. Prospects for this year have been revised slightly downward for all subregions except Central Asia.