Advertise

    UBS remains positive on Malaysia's long-term prospects

    (Updated )

    Swiss banking giant UBS said it remained positive on Malaysia's long-term economic prospects, and that GDP growth for 2020 will be in the 4.6 to five percent range.

    In a statement today, the Singapore branch of UBS said Malaysia's exports should increase once China's economy turns around.

    "We have also recently upgraded our three, six and 12-month forecast on the ringgit (versus the US dollar) to RM4.05, from RM4.15 previously," said corporate communication manager Adeline Lee.

    On Malaysia's stock market performance, Lee explained that Malaysia is a highly defensive market amid the ongoing global equity market bull run.

    "Should the global equity markets turn the corner as a result of the economic cycle coming to an end, a defensive market like Malaysia would be a more attractive investment proposition," she said.


    Read more: UBS admits officer's appraisal of M'sia has errors


    The clarification from Lee was part of a UBS press release admitting that its regional chief investment officer Kelvin Tay made several mistakes appraising Malaysia's economy during an interview with Bloomberg.

    Tay's gloomy assessment had become a political hot topic, as critics used it to illustrate the ineffectiveness of the government's handling of the economy.

    However, several government officials disputed Tay's assessment and pointed out mistakes – such as the claim that Malaysia had a current account deficit, and that 30 percent of GDP was reliant on the fossil fuel industry.

    Related reports

    UBS remains positive on Malaysia's long-term prospects

    UBS admits officer's appraisal of M'sia has errors

    World Bank: M'sian economy resilient despite global slowdown

    World Bank to M'sia: Focus less on stock market, more on fundamentals

    Know My Palm Oil

    Sponsored section

    More →

    Switch to our desktop view for a better reading experience.

    Switch now No thanks
    OR

    Welcome back,

    Your subscription expires on
      

    Your subscription will expire soon, kindly renew before
      

    Your subscription is expired
      Click here to renew

    You are not subscribed to any subscription package
      Click here to subscribe now

    Any questions?
      Email: [email protected]
      Call: +603-777-00000

    Renew