Malaysians to spend less in 2017: expert

14:31 | 06/02/2017 Global Economy

Malaysians will spend less in 2017 due to increasing price and economic uncertainties, the local news website Freemalaysiatoday reported on February 3, quoting the latest HSBC Global Research.

Malaysians will spend less this year - Photo: EPA

Accordingly, private expenditure in Malaysia is expected to drop to 3.7 percent in 2017 from the last year’s 5.6 percent.

Unemployment rate in the Southeast Asian country rose to 3.6 percent at the end of last December, compared to the average of 3.1 percent between 2011 and 2015, said HSBC economist Lim Su Sian.

Malaysian households still have to work hard in 2017 to pay debt equivalent to nearly 90 percent of the gross domestic products (GDP) – the highest not just in ASEAN, but also in Asia.

Theo VNA