We expect GDP (gross domestic product) growth to rise [to] 3.6% in 2021, before accelerating to 5.6% in 2022. "The lockdowns appear to have created a substantial backlog that we believe will drive Malaysia's export growth well into 2022. The OPR at 1.75% is the lowest on record, according to BNM data, which dates back to 2004 on the central bank's website. The OPR has been maintained at 1.75% since July 7, 2020, when BNM cut the rate from 2%, according to BNM. At the HSBC Asian Outlook 2022 virtual briefing on Monday (Jan 17), Frederic Neumann, who is HSBC co-head of Asian Economics, said that for 2022, HSBC expects BNM to raise the OPR by 50 basis points on domestic demand recovery.
