{
  "title": "IMF Executive Board Concludes 2021 Article IV Consultation with Malaysia",
  "publication": "IMF News, March 17, 2021",
  "sourceUrl": "https://www.imf.org/en/news/articles/2021/03/17/pr2172-malaysia-imf-executive-board-concludes-2021-article-iv-consultation-with-malaysia",
  "canonical": "https://www.imf.org/en/news/articles/2021/03/17/pr2172-malaysia-imf-executive-board-concludes-2021-article-iv-consultation-with-malaysia",
  "overlayPath": "/en/news/articles/2021/03/17/pr2172-malaysia-imf-executive-board-concludes-2021-article-iv-consultation-with-malaysia/index.md",
  "summary": "Malaysia’s economy entered the pandemic from a strong position but has nevertheless been hit very hard. An intensification of the pandemic and materialization of other risks could derail the recovery.",
  "publishDate": "2021-03-17",
  "sections": [
    {
      "heading": "Overview and 2020 impact",
      "content": "- Malaysia’s economy entered the pandemic from a strong position but has nevertheless been hit very hard.\n- GDP declined by an estimated 6 percent in 2020 as private investment and consumption, which had been the main drivers of growth in recent years, decelerated sharply.\n- Unemployment reached a historic high in May 2020.\n- Inflation has been subdued.\n- The global risk-off episode in March 2020 triggered capital outflows from EMs such as Malaysia, but a swift and large global policy response helped stabilize markets, and inflows resumed starting late April.\n- In Malaysia, a strong fiscal, monetary and financial policy response has helped cushion the economic shock from the pandemic and ensure financial stability.\n- The current account registered a surplus due to both increased pandemic-related external demand for health-related and electronic equipment and weak imports."
    },
    {
      "heading": "2021–25 Outlook and projections",
      "content": "- The Malaysian economy is set to recover in 2021, with growth projected at 6.5 percent, driven by a strong recovery in manufacturing and construction.\n- The recovery is expected to be uneven across sectors, resting on an improvement in both domestic and external demand.\n- Inflation would recover to 2 percent.\n- The current account surplus is on course to decline as demand for pandemic-related products starts receding and the rebound in domestic demand raises imports.\n- Downside risks include:\n  - An intensification or protracted spread of the virus prompting tighter health and physical distancing measures with negative impact on growth.\n  - Escalating trade tensions and weaker-than-expected growth in trading partners.\n  - Domestic policy uncertainty dampening business confidence and investment.\n- Upside scenario:\n  - Faster-than-expected deployment of COVID-19 vaccines could raise growth."
    },
    {
      "heading": "Executive Board Assessment and policy guidance",
      "content": "- Directors welcomed the Malaysian authorities’ well-coordinated policy response to the pandemic and sizable buffers that helped mitigate the macro-financial impact of the crisis.\n- Directors observed that a strong recovery in 2021 remains subject to considerable downside risks and noted that macroeconomic policies should remain supportive until the recovery is fully entrenched.\n- Fiscal policy:\n  - Directors welcomed the authorities’ commitment to fiscal reform and medium-term consolidation.\n  - They noted that spending rationalization and revenue-increasing measures will be necessary to help rebuild fiscal buffers once the recovery is fully cemented.\n  - Directors urged the authorities to initiate preparations for such measures and noted that adoption of the Fiscal Responsibility Act would help better anchor public finances.\n  - They encouraged the authorities to improve efficiency and coverage of the social protection system.\n- Monetary and external sector:\n  - Directors supported the accommodative monetary policy stance.\n  - They welcomed Malaysia’s continued efforts to deepen domestic FX markets through expanded availability of hedging instruments and other initiatives.\n  - They encouraged the authorities to continue allowing the exchange rate to cushion shocks to the economy.\n  - Some Directors emphasized that existing capital flow measures should be phased out over time with due regard to market conditions.\n- Financial sector and structural reforms:\n  - Directors agreed that the banking system remains sound but encouraged supervisory authorities to remain alert to deterioration in banks’ asset quality in the near term.\n  - They called for close monitoring of the high level of household debt as loan moratoria are phased out.\n  - Directors welcomed the authorities’ enhancements to the debt resolution framework and their focus on inclusion and climate change in the context of financial-structural reforms.\n  - Directors welcomed the authorities’ commitment to the structural reform agenda, including upgrading the digital infrastructure and greening the economy.\n  - They called for policies to strengthen social safety nets and encourage private investment and productivity growth, which would also help with external rebalancing.\n  - Directors emphasized the need for further progress on governance reforms and welcomed the authorities’ commitment to transparency, including regarding the COVID-19 related spending.\n  - They encouraged follow-through on initiatives outlined in the National Anti-Corruption Plan.\n  - Directors cautioned that reforms delayed by the pandemic and the change in government should resume, including inter alia legislative initiatives underpinning governance reforms.\n- External position:\n  - Directors took note of the staff’s assessment that Malaysia’s external position is stronger than warranted by economic fundamentals and desirable policies."
    },
    {
      "heading": "Key statistics and selected indicators (2016–25)",
      "content": "- Nominal GDP (2019): US$364.7 billion\n- Population (2019): 32.5 million\n- GDP per capita (2019, current prices): US$11,213\n- Poverty rate (2019, national poverty line): 5.6 percent\n- Unemployment rate (2019): 3.3 percent\n- Adult literacy rate (2018): 95.9 percent\n- Main goods exports (share in total, 2019, preliminary): electrical & electronics (37.8 percent), commodities (14.7 percent), and petroleum products (7.2 percent).\n\nSelected time-series highlights (Real GDP and related)\n- Real GDP (percent change): 2016: 4.4; 2017: 5.8; 2018: 4.8; 2019: 4.3; 2020: -6.0; 2021: 6.5; 2022: 6.0; 2023: 5.7; 2024: 5.3; 2025: 5.0\n- Total domestic demand 1/: 2016: 6.6; 2017: 4.7; 2018: 3.9; 2019: -4.7; 2020: 6.2; 2021: 5.6\n- Private consumption: 2016: 5.9; 2017: 6.9; 2018: 8.0; 2019: 7.6; 2020: -5.1; 2021: 7.9; 2022: 7.0\n- Public consumption: 2016: 1.1; 2017: 3.2; 2018: 2.0; 2019: 11.6; 2020: -2.3; 2021: 1.3; 2022: 1.6; 2023: 1.9; 2024: 1.7\n- Private investment: 2016: 4.5; 2017: 9.0; 2018: -7.3; 2019: 4.0\n- Public gross fixed capital formation: 2016: -1.0; 2017: 0.3; 2018: -5.0; 2019: -10.9; 2020: -29.9; 2021: 9.2; 2022: -1.6; 2023: 2.3\n- Net exports (contribution to growth, percentage points): 2016: 0.0; 2017: -0.3; 2018: 0.4; 2019: 0.6; 2020: 1.5; 2021: -0.1; 2022: -0.2\n\nSaving and investment (in percent of GDP)\n- Gross domestic investment: 2016: 26.0; 2017: 25.5; 2018: 23.9; 2019: 21.0; 2020: 21.5; 2021: 23.8; 2022: 22.6; 2023: 22.4; 2024: 22.3; 2025: 22.2\n- Gross national saving: 2016: 28.4; 2017: 28.3; 2018: 26.1; 2019: 24.4; 2020: 25.1; 2021: 26.8; 2022: 25.6; 2023: 25.2; 2024: 24.9\n\nFiscal sector (in percent of GDP) 2/\n- Federal government overall balance: 2016: -3.1; 2017: -2.9; 2018: -3.7; 2019: -3.4; 2020: -5.4; 2021: -4.6; 2022: -4.3; 2023: -4.2; 2024: -4.3\n- Revenue: 2016: 17.0; 2017: 16.1; 2018: 17.5; 2019: 15.8; 2020: 15.2; 2021: 15.5\n- Expenditure and net lending: 2016: 20.1; 2017: 19.0; 2018: 19.8; 2019: 18.5; 2020: 21.8; 2021: 20.6; 2022: 19.9; 2023: 19.7\n- Federal government non-oil primary balance: 2016: -5.3; 2017: -6.7; 2018: -7.0; 2019: -4.9; 2020: -4.4\n- Consolidated public sector overall balance 4/: 2016: -3.6; 2017: -8.0; 2018: -6.5; 2019: -5.8; 2020: -5.6; 2021: -5.5\n- General government debt 4/: 2016: 55.8; 2017: 54.4; 2018: 55.7; 2019: 57.2; 2020: 65.8; 2021: 66.4; 2022: 66.9; 2023: 66.7; 2024: 66.6; 2025: 66.5\n- Of which: federal government debt: 2016: 51.9; 2017: 50.0; 2018: 51.2; 2019: 52.5; 2020: 61.1; 2021: 61.8; 2022: 62.2; 2023: 62.0; 2024: 61.9; 2025: 61.8\n\nInflation and unemployment (annual average, in percent)\n- CPI inflation: 2016: 2.1; 2017: 3.7; 2018: 1.0; 2019: 0.7; 2020: -1.1\n- CPI inflation (excluding food and energy): 2016: 2.6\n- Unemployment rate: 2016: 3.5; 2017: 3.4; 2018: 3.3; 2019: 3.8; 2020: 3.6\n\nMacrofinancial variables (end of period)\n- Broad money (percentage change) 5/: 2016: 2.7; 2017: 7.7; 2018: 7.8; 2019: 7.5\n- Credit to private sector (percentage change) 5/: 2016: 5.4; 2017: 8.3; 2018: 7.3\n- Credit-to-GDP ratio (in percent) 6/ 7/: 2016: 131.9; 2017: 126.6; 2018: 130.1; 2019: 130.8; 2020: 142.8; 2021: 142.7; 2022: 143.9\n- Overnight policy rate (in percent): 2016: 3.00; 2017: 3.25; 2018: 1.75\n- Nonfinancial corporate sector debt (in percent of GDP) 8/: 2016: 108.0; 2017: 101.5; 2018: 102.7; 2019: 99.4; 2020: 109.0\n- Nonfinancial corporate sector debt issuance (in percent of GDP): 2016: 3.1; 2017: 1.8\n- Household debt (in percent of GDP) 8/: 2016: 86.5; 2017: 82.6; 2018: 82.0; 2019: 82.9; 2020: 87.5\n- Household financial assets (in percent of GDP) 8/: 2016: 178.6; 2017: 176.4; 2018: 175.7; 2019: 179.2; 2020: 190.0\n- House prices (percentage change): 2016: 7.1; 2017: 2.2\n\nExchange rates and external sector\n- Malaysian ringgit/U.S. dollar (period average): 2016: 4.15; 2017: 4.30; 2018: 4.04; 2019: 4.14; 2020: 4.18\n- Real effective exchange rate (percentage change): 2016: 4.1; 2017: -1.4; 2018: -2.0\n\nBalance of payments (in billions of U.S. dollars) 6/\n- Current account balance: 2016: 7.2; 2017: 8.9; 2018: 12.3; 2019: 12.6; 2020: 11.5; 2021: 12.2; 2022: 12.8; 2023: 13.5; 2024: 14.0\n- (In percent of GDP): 2016: 2.8; 2017: 3.0; 2018: 2.9\n- Goods balance: 2016: 24.6; 2017: 27.2; 2018: 29.8; 2019: 32.4; 2020: 37.0; 2021: 34.0; 2022: 32.5; 2023: 32.8\n- Services balance: 2016: -2.6; 2017: -11.5; 2018: -15.2; 2019: -6.9; 2020: -5.9\n- Income balance: 2016: -12.8; 2017: -13.0; 2018: -16.1; 2019: -14.9; 2020: -8.4; 2021: -10.3; 2022: -14.3; 2023: -14.0; 2024: -12.9\n- Capital and financial account balance: 2016: -8.1; 2017: -11.9; 2018: -9.8; 2019: -10.1; 2020: -9.9; 2021: -12.1\n- Of which: Direct investment: 2016: 2.5; 2017: -0.5; 2018: 4.9; 2019: 4.2\n- Errors and omissions: 2016: -4.0; 2017: -8.9; 2018: -2.2\n- Overall balance: 2016: 1.4; 2017: -1.2\n\nReserves and external debt\n- Gross official reserves (US$ billions) 6/ 9/: 2016: 94.5; 2017: 102.4; 2018: 101.4; 2019: 103.6; 2020: 107.6; 2021: 108.1; 2022: 110.2; 2023: 108.9; 2024: 112.6; 2025: 114.5\n- (In months of following year's imports of goods and nonfactor services): 2016: 5.5; 2017: 6.7; 2018: 4.6\n- (In percent of short-term debt by original maturity): 2016: 112.2; 2017: 117.8; 2018: 103.5; 2019: 108.3; 2020: 109.5; 2021: 111.0; 2022: 118.4; 2023: 131.4; 2024: 145.8; 2025: 156.5\n- (In percent of short-term debt by remaining maturity): 2016: 83.2; 2017: 93.7; 2018: 84.7; 2019: 86.9; 2020: 88.0; 2021: 92.7; 2022: 98.7; 2023: 105.0\n- Total external debt (in billions of U.S. dollars) 6/ 9/: 2016: 203.8; 2017: 218.8; 2018: 223.3; 2019: 231.1; 2020: 237.9; 2021: 243.4; 2022: 241.6; 2023: 241.2; 2024: 238.4; 2025: 245.8\n- Of which: short-term (in percent of total, original maturity): 2016: 67.7; 2017: 68.6; 2018: 62.3; 2019: 63.4; 2020: 69.3; 2021: 63.8; 2022: 58.7; 2023: 54.0; 2024: 49.6; 2025: 47.6\n- Of which: short-term (in percent of total, remaining maturity): 2016: 41.3; 2017: 39.7; 2018: 43.9; 2019: 41.4; 2020: 40.8; 2021: 40.0; 2022: 38.5; 2023: 34.4\n- Debt service ratio 6/ (In percent of exports of goods and services): 2016: 23.4; 2017: 10.6; 2018: 11.0; 2019: 13.7; 2020: 12.5; 2021: 11.2; 2022: 10.8\n- Debt service ratio 6/ (In percent of exports of goods and nonfactor services): 2016: 24.8; 2017: 14.8; 2018: 11.7; 2019: 14.5; 2020: 13.2; 2021: 11.8; 2022: 11.4\n\nMemorandum items\n- Nominal GDP (in billions of ringgit): 2016: 1,250; 2017: 1,372; 2018: 1,447; 2019: 1,511; 2020: 1,439; 2021: 1,561; 2022: 1,674; 2023: 1,804; 2024: 1,940; 2025: 2,085\n\nSources: Data provided by the authorities; CEIC Data Co. Ltd.; World Bank; UNESCO; and IMF, Integrated Monetary Database and staff estimates.\n\nIMF Communications Department press release, March 17, 2021.\n\n---\n\n\n References\n\n- https://www.imf.org/-/media/images/imf/bios/imfboard.jpg\n- The Executive Board\n- Malaysia and the IMF\n- IMF Policy Advice -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- http://www.IMF.org/external/np/sec/misc/qualifiers.htm\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2021/03/17/pr2172-malaysia-imf-executive-board-concludes-2021-article-iv-consultation-with-malaysia"
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    "Published: March 17, 2021",
    "Malaysia’s economy entered the pandemic from a strong position but has nevertheless been hit very hard.",
    "GDP declined by an estimated 6 percent in 2020 as private investment and consumption, which had been the main drivers of growth in recent years, decelerated sharply.",
    "Unemployment reached a historic high in May 2020.",
    "Inflation has been subdued.",
    "The global risk-off episode in March 2020 triggered capital outflows from EMs such as Malaysia, but a swift and large global policy response helped stabilize markets, and inflows resumed starting late April.",
    "In Malaysia, a strong fiscal, monetary and financial policy response has helped cushion the economic shock from the pandemic and ensure financial stability.",
    "The current account registered a surplus due to both increased pandemic-related external demand for health-related and electronic equipment and weak imports.",
    "The Malaysian economy is set to recover in 2021, with growth projected at 6.5 percent, driven by a strong recovery in manufacturing and construction.",
    "The recovery is expected to be uneven across sectors, resting on an improvement in both domestic and external demand.",
    "Inflation would recover to 2 percent.",
    "The current account surplus is on course to decline as demand for pandemic-related products starts receding and the rebound in domestic demand raises imports.",
    "Downside risks include:",
    "Upside scenario:",
    "Directors welcomed the Malaysian authorities’ well-coordinated policy response to the pandemic and sizable buffers that helped mitigate the macro-financial impact of the crisis.",
    "Directors observed that a strong recovery in 2021 remains subject to considerable downside risks and noted that macroeconomic policies should remain supportive until the recovery is fully entrenched.",
    "Fiscal policy:",
    "Monetary and external sector:",
    "Financial sector and structural reforms:",
    "External position:",
    "Nominal GDP (2019): US$364.7 billion",
    "Population (2019): 32.5 million",
    "GDP per capita (2019, current prices): US$11,213",
    "Poverty rate (2019, national poverty line): 5.6 percent",
    "Unemployment rate (2019): 3.3 percent",
    "Adult literacy rate (2018): 95.9 percent",
    "Main goods exports (share in total, 2019, preliminary): electrical & electronics (37.8 percent), commodities (14.7 percent), and petroleum products (7.2 percent).",
    "Real GDP (percent change): 2016: 4.4; 2017: 5.8; 2018: 4.8; 2019: 4.3; 2020: -6.0; 2021: 6.5; 2022: 6.0; 2023: 5.7; 2024: 5.3; 2025: 5.0",
    "Total domestic demand 1/: 2016: 6.6; 2017: 4.7; 2018: 3.9; 2019: -4.7; 2020: 6.2; 2021: 5.6",
    "Private consumption: 2016: 5.9; 2017: 6.9; 2018: 8.0; 2019: 7.6; 2020: -5.1; 2021: 7.9; 2022: 7.0",
    "Public consumption: 2016: 1.1; 2017: 3.2; 2018: 2.0; 2019: 11.6; 2020: -2.3; 2021: 1.3; 2022: 1.6; 2023: 1.9; 2024: 1.7",
    "Private investment: 2016: 4.5; 2017: 9.0; 2018: -7.3; 2019: 4.0",
    "Public gross fixed capital formation: 2016: -1.0; 2017: 0.3; 2018: -5.0; 2019: -10.9; 2020: -29.9; 2021: 9.2; 2022: -1.6; 2023: 2.3",
    "Net exports (contribution to growth, percentage points): 2016: 0.0; 2017: -0.3; 2018: 0.4; 2019: 0.6; 2020: 1.5; 2021: -0.1; 2022: -0.2",
    "Gross domestic investment: 2016: 26.0; 2017: 25.5; 2018: 23.9; 2019: 21.0; 2020: 21.5; 2021: 23.8; 2022: 22.6; 2023: 22.4; 2024: 22.3; 2025: 22.2",
    "Gross national saving: 2016: 28.4; 2017: 28.3; 2018: 26.1; 2019: 24.4; 2020: 25.1; 2021: 26.8; 2022: 25.6; 2023: 25.2; 2024: 24.9",
    "Federal government overall balance: 2016: -3.1; 2017: -2.9; 2018: -3.7; 2019: -3.4; 2020: -5.4; 2021: -4.6; 2022: -4.3; 2023: -4.2; 2024: -4.3",
    "Revenue: 2016: 17.0; 2017: 16.1; 2018: 17.5; 2019: 15.8; 2020: 15.2; 2021: 15.5",
    "Expenditure and net lending: 2016: 20.1; 2017: 19.0; 2018: 19.8; 2019: 18.5; 2020: 21.8; 2021: 20.6; 2022: 19.9; 2023: 19.7",
    "Federal government non-oil primary balance: 2016: -5.3; 2017: -6.7; 2018: -7.0; 2019: -4.9; 2020: -4.4",
    "Consolidated public sector overall balance 4/: 2016: -3.6; 2017: -8.0; 2018: -6.5; 2019: -5.8; 2020: -5.6; 2021: -5.5",
    "General government debt 4/: 2016: 55.8; 2017: 54.4; 2018: 55.7; 2019: 57.2; 2020: 65.8; 2021: 66.4; 2022: 66.9; 2023: 66.7; 2024: 66.6; 2025: 66.5",
    "Of which: federal government debt: 2016: 51.9; 2017: 50.0; 2018: 51.2; 2019: 52.5; 2020: 61.1; 2021: 61.8; 2022: 62.2; 2023: 62.0; 2024: 61.9; 2025: 61.8",
    "CPI inflation: 2016: 2.1; 2017: 3.7; 2018: 1.0; 2019: 0.7; 2020: -1.1",
    "CPI inflation (excluding food and energy): 2016: 2.6",
    "Unemployment rate: 2016: 3.5; 2017: 3.4; 2018: 3.3; 2019: 3.8; 2020: 3.6",
    "Broad money (percentage change) 5/: 2016: 2.7; 2017: 7.7; 2018: 7.8; 2019: 7.5",
    "Credit to private sector (percentage change) 5/: 2016: 5.4; 2017: 8.3; 2018: 7.3",
    "Credit-to-GDP ratio (in percent) 6/ 7/: 2016: 131.9; 2017: 126.6; 2018: 130.1; 2019: 130.8; 2020: 142.8; 2021: 142.7; 2022: 143.9",
    "Overnight policy rate (in percent): 2016: 3.00; 2017: 3.25; 2018: 1.75",
    "Nonfinancial corporate sector debt (in percent of GDP) 8/: 2016: 108.0; 2017: 101.5; 2018: 102.7; 2019: 99.4; 2020: 109.0",
    "Nonfinancial corporate sector debt issuance (in percent of GDP): 2016: 3.1; 2017: 1.8",
    "Household debt (in percent of GDP) 8/: 2016: 86.5; 2017: 82.6; 2018: 82.0; 2019: 82.9; 2020: 87.5",
    "Household financial assets (in percent of GDP) 8/: 2016: 178.6; 2017: 176.4; 2018: 175.7; 2019: 179.2; 2020: 190.0",
    "House prices (percentage change): 2016: 7.1; 2017: 2.2",
    "Malaysian ringgit/U.S. dollar (period average): 2016: 4.15; 2017: 4.30; 2018: 4.04; 2019: 4.14; 2020: 4.18",
    "Real effective exchange rate (percentage change): 2016: 4.1; 2017: -1.4; 2018: -2.0",
    "Current account balance: 2016: 7.2; 2017: 8.9; 2018: 12.3; 2019: 12.6; 2020: 11.5; 2021: 12.2; 2022: 12.8; 2023: 13.5; 2024: 14.0",
    "(In percent of GDP): 2016: 2.8; 2017: 3.0; 2018: 2.9",
    "Goods balance: 2016: 24.6; 2017: 27.2; 2018: 29.8; 2019: 32.4; 2020: 37.0; 2021: 34.0; 2022: 32.5; 2023: 32.8",
    "Services balance: 2016: -2.6; 2017: -11.5; 2018: -15.2; 2019: -6.9; 2020: -5.9",
    "Income balance: 2016: -12.8; 2017: -13.0; 2018: -16.1; 2019: -14.9; 2020: -8.4; 2021: -10.3; 2022: -14.3; 2023: -14.0; 2024: -12.9",
    "Capital and financial account balance: 2016: -8.1; 2017: -11.9; 2018: -9.8; 2019: -10.1; 2020: -9.9; 2021: -12.1",
    "Of which: Direct investment: 2016: 2.5; 2017: -0.5; 2018: 4.9; 2019: 4.2",
    "Errors and omissions: 2016: -4.0; 2017: -8.9; 2018: -2.2",
    "Overall balance: 2016: 1.4; 2017: -1.2",
    "Gross official reserves (US$ billions) 6/ 9/: 2016: 94.5; 2017: 102.4; 2018: 101.4; 2019: 103.6; 2020: 107.6; 2021: 108.1; 2022: 110.2; 2023: 108.9; 2024: 112.6; 2025: 114.5",
    "(In months of following year's imports of goods and nonfactor services): 2016: 5.5; 2017: 6.7; 2018: 4.6",
    "(In percent of short-term debt by original maturity): 2016: 112.2; 2017: 117.8; 2018: 103.5; 2019: 108.3; 2020: 109.5; 2021: 111.0; 2022: 118.4; 2023: 131.4; 2024: 145.8; 2025: 156.5",
    "(In percent of short-term debt by remaining maturity): 2016: 83.2; 2017: 93.7; 2018: 84.7; 2019: 86.9; 2020: 88.0; 2021: 92.7; 2022: 98.7; 2023: 105.0",
    "Total external debt (in billions of U.S. dollars) 6/ 9/: 2016: 203.8; 2017: 218.8; 2018: 223.3; 2019: 231.1; 2020: 237.9; 2021: 243.4; 2022: 241.6; 2023: 241.2; 2024: 238.4; 2025: 245.8",
    "Of which: short-term (in percent of total, original maturity): 2016: 67.7; 2017: 68.6; 2018: 62.3; 2019: 63.4; 2020: 69.3; 2021: 63.8; 2022: 58.7; 2023: 54.0; 2024: 49.6; 2025: 47.6",
    "Of which: short-term (in percent of total, remaining maturity): 2016: 41.3; 2017: 39.7; 2018: 43.9; 2019: 41.4; 2020: 40.8; 2021: 40.0; 2022: 38.5; 2023: 34.4",
    "Debt service ratio 6/ (In percent of exports of goods and services): 2016: 23.4; 2017: 10.6; 2018: 11.0; 2019: 13.7; 2020: 12.5; 2021: 11.2; 2022: 10.8",
    "Debt service ratio 6/ (In percent of exports of goods and nonfactor services): 2016: 24.8; 2017: 14.8; 2018: 11.7; 2019: 14.5; 2020: 13.2; 2021: 11.8; 2022: 11.4",
    "Nominal GDP (in billions of ringgit): 2016: 1,250; 2017: 1,372; 2018: 1,447; 2019: 1,511; 2020: 1,439; 2021: 1,561; 2022: 1,674; 2023: 1,804; 2024: 1,940; 2025: 2,085",
    "[https://www.imf.org/-/media/images/imf/bios/imfboard.jpg](https://www.imf.org/-/media/images/imf/bios/imfboard.jpg)",
    "[The Executive Board](https://www.imf.org/external/np/sec/memdir/eds.aspx)",
    "[Malaysia and the IMF](http://www.imf.org/external/country/MYS/index.htm)",
    "[IMF Policy Advice -- A Factsheet](https://www.imf.org/en/about/factsheets/imf-surveillance)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[http://www.IMF.org/external/np/sec/misc/qualifiers.htm](http://www.imf.org/external/np/sec/misc/qualifiers.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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