Malaysia's economy remains resilient, with gross domestic product (GDP) projected to grow by 4.4% in 2016 and 4.5% in 2017, according to a new economic analysis from the World Bank.

The outlook reflects a gradual deceleration in private consumption in Malaysia due to the softening in the labour market and continued adjustment to fiscal consolidation.

Private investment is also expected to slow down as commodity prices and global economic growth remain subdued, according to the World Bank's Malaysia Economic Monitor, launched this morning.

The report notes that key risks facing the Malaysian economy stem from commodity price instability and uncertainty over the growth trajectory in the global economy and its impact on Malaysia's exports.