GDP numbers to be reviewed after IMF revises forecast
Malaysia will relook its real gross domestic product (GDP) growth after the International Monetary Fund (IMF) revised the forecast for this year down from 4.7% to 4.1%,
Bank Negara and the Treasury will have to do the review after IMF revised its economic growth forecast for many countries, Prime Minister Datuk Seri Anwar Ibrahim said.
“For the United States, China and most countries, it is slightly down.
“I will give a complete statement in Parliament on May 5,” said Anwar when attending a Hari Raya reception at the Customs Department in Putrajaya yesterday.
In its April 2025 World Economic Outlook report titled “A Critical Juncture amid Policy Shifts”, the IMF cut Malaysia’s real GDP growth forecast and projected the economy to expand by 3.8% next year.
The IMF trimmed its global growth forecast for this year to 2.8%, down 0.5% from its January estimate.
Among Malaysia’s regional peers, the IMF cut Indonesia’s outlook for this year to 4.7% from 5.1%. The Philippines is now expected to grow by 5.5%, down from 6.1%, while Thailand’s forecast was revised to 1.8% from 2.9%.
The fund said major policy shifts were reshaping the global trade landscape and reigniting uncertainty.
US president Donald Trump announced a 90-day pause on the implementation of retaliatory tariffs since April 9, except for China,
Before that, Malaysia’s exports to the United States were subjected to 24% retaliatory tariffs
As negotiations continue, Trump said he was authorising a universal “lowered reciprocal tariff of 10%” against almost all countries.
However, on April 22, the United States announced it was implementing new duties as high as 3,521% on solar imports from four South-East Asian countries, including Malaysia.
The duties are the result of a year-long probe that found solar manufacturers in Cambodia, Vietnam, Malaysia and Thailand were unfairly benefiting from government subsidies and selling items to the United States at rates lower than the cost of production.
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