Malaysia needs to upgrade economy to escape middle-income trap: Fitch

Singapore

MALAYSIA'S average real gross domestic product (GDP) is likely to slow to just 3.4 per cent over the coming decade, and it should upgrade its economy so it can escape the middle-income trap.

That's according to Fitch Solutions, which said in a recent report that the South-east Asian country has exhausted its avenues of growth provided by lower-level industrialisation.