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MW: Malaysia's growth to slow as oil falls: World Bank
 
KUALA LUMPUR, Malaysia--Malaysia's economic growth will likely decelerate to 4.7% in 2015 and a further decline in oil prices poses "significant" risks, the World Bank said Wednesday.

"Investment in oil and gas will slow and private consumption is also projected to moderate as consumers adjust to higher prices" due to the implementation of a consumption tax in April 2015, the bank said.

The World Bank's latest projection is below the government's growth forecast of between 5% and 6% for next year.

The bank also forecast the country's current-account surplus to narrow to 3.1% of gross domestic product in 2015 from 4.2% of GDP estimated this year, noting that a sustained fall in oil prices--which have slipped nearly 50% since June--could pressure external and fiscal accounts.

In addition, persistent low oil prices could lead to losses in revenue from the oil-and-gas sector exceeding savings from subsidy cuts, the World Bank added.

Malaysia had begun to dismantle various subsidies including fuel and sugar to shrink its long-running fiscal deficit. The government has also raised the electricity tariff this year.
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