Continuation of large-scale infra projects to provide additional lift to economic growth: BNM

KUALA LUMPUR (April 3): Bank Negara Malaysia (BNM) said the continuation of large-scale infrastructure projects will provide additional lift to the economic growth amid the challenging economic conditions. 

In a press conference today, BNM estimated that capital spending on major transport infrastructure projects of about RM15 billion is expected to lift 2020 gross domestic product (GDP) by 1 percentage point (ppt). 

The total size of some key projects under construction are Mass Rapid Transit Sungai Buloh-Serdang-Putrajaya Line, also known as MRT2 (RM30.5 billion), Light Rail Transit Bandar UtamaKlang line, Line 3 (LRT3) (RM16.6 billion), and Pan Borneo Highway (RM32.5 billion). These projects have a combined construction cost of RM79.6 billion.

On March 27, Prime Minister Tan Sri Muhyiddin Yassin said during the unveiling of the COVID-19 stimulus package that the government will continue the implementation of all projects allocated in Budget 2020 including the MRT2, East Coast Rail Link (ECRL) and the National Fiberisation and Connectivity Plan (NFCP).

Today, the central bank said Malaysia's GDP is projected at between -2% and 0.5% in 2020 against a highly challenging global economic outlook due mainly to the COVID-19 pandemic.

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