Malaysia's 2022 economic growth projection of 5.3% to 6.3% still on track, says Tengku Zafrul

On inflation in Malaysia, Tengku Zafrul says it is still within the 2.3% to 3.3% forecast this year. (Photo by Zahid Izzani Mohd Said/The Edge)

On inflation in Malaysia, Tengku Zafrul says it is still within the 2.3% to 3.3% forecast this year. (Photo by Zahid Izzani Mohd Said/The Edge)

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KUALA LUMPUR (June 16): Malaysia’s economic growth projection of between 5.3% and 6.3% this year is still on track, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

“But things are very fluid, so we have to continuously monitor the progress to ensure that both appropriate monetary and fiscal responses are done to ensure our economy is growing despite the challenges. 

"And it will be a challenge not just for Malaysia but also other economies in the world as we face the current challenges," he told reporters after the launch of Phase 1 of the MRT Putrajaya Line at the Sri Damansara MRT Station on Thursday (June 16).

He said this following a question on whether Malaysia’s economy will hit a recession amid growing fears of a recession in the US.

Tengku Zafrul said the revised US forecast still does not indicate a recession but a moderation in gross domestic product growth.

“Malaysia, being a small and open economy, obviously is affected by the growth of developed countries such as the US, Europe and China,” he said.

On inflation in Malaysia, Tengku Zafrul said it is still within the 2.3% to 3.3% forecast this year.