KUALA LUMPUR: Fitch Ratings has affirmed Malaysia's long-term foreign currency issuer default rating (IDR) at "BBB+” with a stable outlook.
In a note released today, Fitch said Malaysia's economy is gradually recovering from a contraction of 5.6 per cent in 2020 caused by the COVID-19 pandemic even though social distancing measures have been tightened over recent months.
"We expect the gross domestic product (GDP) growth of 4.5 per cent in 2021 and 6.3 per cent in 2022, as the output gap narrows and the vaccine roll-out gathers pace, which should allow the services sector to benefit from pent-up demand,” it said.
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