KUALA LUMPUR, Feb. 15 (Xinhua) -- Malaysia's leading bank Maybank maintains its 2019 growth forecast of 4.9 percent for Malaysia, as last year's drags on growth -- mining and agriculture sectors are expected to recover this year.
Maybank Investment Bank Research said in a report Friday that the key lookouts for this year's growth forecast include the outcome of the U.S. and China trade talks and clarity on Malaysian government's policy on the country's long-term economic growth.
"Our expectations of sustained -- albeit sub-5 percent -- growth momentum this year is premised on recoveries in mining and agriculture sectors, and U.S.-China trade deal mitigating the downside risks to global economic and trade growth, thus the export-oriented manufacturing and trade-related services sectors," said Maybank's research house.
It is also looking forward to an announcement on long-term economic growth policy by Malaysian government, following the setting up of the Economic Action Council on Monday.
The 16-men council which is chaired by Malaysian Prime Minister Mahathir Mohamad, consists of Economic Affairs Minister Azmin Ali, Finance Minister Lim Guan Eng, International Trade, Industry Minister Darell Leiking, and economists, former ministers, businessmen and government-linked funds representatives, is tasked to take actions to address the country's economic issues.
Malaysia announced Thursday that its 2018 gross domestic product growth slowed to 4.7 percent, from 5.9 percent in 2017. The government is maintaining its growth forecast for 2019 at 4.9 percent.