Malaysia must shift from being consumption-driven to drive investments & economy: World Bank

KUALA LUMPUR: Malaysia needs to move away from being a consumption-driven economy and attract more investments to bolster economic growth.

The World Bank lead economist for Malaysia Dr Apurva Sanghi said the country's economic growth was dependent on private consumption last year.

This came as a result of government fiscal support, namely withdrawals from retirement funds.

Sanghi said the increase in private consumption came at a cost because although withdrawals from the Employees Provident Fund (EPF) played a role in giving the economy a boost amid gloomy global economic conditions, it also affected the people's financial security.