Fitch’s BBB+ rating proof of confidence in current govt: Anwar

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KUALA LUMPUR – Fitch Ratings’ “BBB+” affirmation on Malaysia’s sovereign credit rating with a stable outlook for 2023 reflects its confidence in the current government’s administration, said Prime Minister Datuk Seri Anwar Ibrahim.

In a statement today, Anwar said the affirmation also showed the international rating agency’s confidence in the strength of Malaysia’s economic recovery as well as the country’s resilience amidst an uncertain and highly challenging global landscape.

“Malaysia’s ratings balance a diversified economy with strong medium-term growth prospects against high public debt, a low revenue base relative to the operating expenditures,” said Anwar, citing Fitch’s statement released yesterday.

According to Fitch, Malaysia’s gross domestic product (GDP) is expected to moderate to 4% in 2023 and 4.8% in 2024, from 8.7% in 2022 amid the easing of Covid-19 restrictions and the government’s continuous efforts to support the economy’s rapid and broad recovery.

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