KUALA LUMPUR, Dec. 18 (Xinhua) -- World Bank on Tuesday cut Malaysia's economy growth expectation this year to 4.7 percent from 4.9 percent due to financial and commodity market volatility.

World Bank said in its Economic Monitor Report that a slowing global economy, rising concerns regarding the increased volatility in financial and commodity markets weigh on the prospects for Malaysia's economy.

On the domestic side, increased reliance on oil-related revenue amid heightened uncertainty around the commodity price forecasts and relatively high levels of private and public debt pose risks to growth, according to the report.

"We find that Malaysia's economy remains resilient, however growth is expected to moderate in the near term, with risks increasingly weighed to the downside," Mara Warwick, World Bank country director for Brunei, Malaysia, Philippines and Thailand, said.

Warwick expected Malaysian economy to grow at the same rate of 4.7 percent next year. Private sector consumption will continue to be the main driver of economic growth in 2019, but the growth is projected to moderate to 6.4 percent, according to the report.

World Bank also opined that restoring fiscal buffers will be crucial for Malaysia to effectively respond to future shocks to the economy.