Malaysia, India top Asia's forecasts for faster economic recovery 2022

Survey results showed that Malaysia's economic growth outlook is revised up the most in the region, with 0.85 percent, to an expected growth rate of 5.65 percent next year. India was a close second, with its economy expected to grow 6.7 percent, 80 basis points faster than previously seen.

Economists have raised their growth projections for most Asian countries, except Thailand and New Zealand, which saw their outlooks slashed by at least 20 basis points, while Indonesia’s outlook was little changed.

Malaysia, which posted one of the world’s highest daily new infection rates over the past month and underwent a leadership change, doesn’t face any immediate economic risks.

Improved domestic demand and increased exports supported the economic activity and GDP of the country in the second quarter of 2021 increased by 16.1 percent.

Strong demand is keeping India on track to achieving the world’s fastest growth in the year to March, with new weekly infections dropping to the lowest in more than six months as of September 19.

The country’s economic losses have been limited so far, and it will be boosted by factors such as better-adapted firms, stable financial conditions and robust global growth spillovers, said Madhavi Arora, lead economist at Emkay Global Financial Services Ltd./.