World Bank Keeps Malaysia's 2022 Economic Growth Forecast at 5.5%

By / SSTV / Updated: 11:22,16-June-2022

The World Bank has announced that it will maintain its forecast for Malaysia's economic growth of around 5.5 percent in 2022. The growth is mainly driven by a robust rebound in consumption demand. The World Bank report states that the Malaysian economy is recovering, with a growth rate of 5 percent in the first quarter of 2022. Malaysia's private consumption growth is forecast to reach 8.5 percent this year - its fastest pace since 2008. The World Bank also predicts Malaysia's economic growth to be 4.5 percent in 2023 and 4.4 percent in 2024.

Fukushima Residents Allowed to Return to Homes Near Nuclear Plant

After 11 years, residents in some areas of Katsurao Village of Fukushima Prefecture were finally allowed to return to their hometowns on June 12th; however, not many residents have actually returned home. This is the first time that the access restriction over the area with the strongest nuclear radiation has been lifted since March 2011 when the nuclear leakage accident occurred at the Fukushima Daiichi Nuclear Power Plant due to the tsunami. After the nuclear accident, the surrounding area of the plant was divided into a "difficult-to-return zone," a "restricted residence zone" and a "evacuation order cancellation preparation zone" according to the levels of nuclear radiation. The area where the ban was lifted this time belongs to the "difficult-to-return zone" with the highest level of nuclear radiation.

Inflation in Laos Hits An 18-Year High in May

Laos' inflation rate climbed to an 18-year high in May, according to the latest report from the Lao Statistics Bureau. The fuel crisis, with petrol stations across the country running dry, and the continuing depreciation of its currency kip are among the main factors driving inflation.

In May 2022, the price of fuel surged by 92.6 percent year-on-year. The price of gas, gold and steel jumped by 39.7 percent, 48.5 percent and 68 percent, respectively, year-on-year.

In the meantime, prices in the goods and service category surged by 20.6 percent year-on-year. Among them, the price of communication and transportation increased by 34.5 percent; the price of medicine grew by 13 percent; the price of food and non-alcoholic beverages climbed by 8.2 percent; and the price of clothing and shoes rose by 11.7 percent.



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