KUALA LUMPUR: The Malaysian Institute of Economic Research (MIER) has revised its gross domestic product (GDP) forecast for Malaysia this year to 4.6% from 4.5%, due to changes in its forecast model.
“Despite the revision, we are not optimistic due to global headwinds and weak sentiments,” said its chairman Tan Sri Kamal Salih (pix).
MIER’s Business Condition Index slipped slightly to 94.2 points in the second quarter of 2019 (2Q19), from 94.3 points recorded in the previous quarter while business confidence remained flat during the quarter.
On the other hand, the Consumer Sentiment Index rose to 93 points in 2Q19 from 85.6 points in 1Q19.
MIER said that in the months ahead, household demand will proceed cautiously, particularly for interest in sensitive and big ticket items such as houses and cars.
