HSBC Group believes the undervalued ringgit will recover in 2022 as Malaysia’s economy emerges from a ‘double-dip’ recession despite a lot of uncertainties.

Asian economics research co-head Frederic Neumann said even though the US dollar-Malaysian ringgit pairing is hovering near its year-to-date high due to various external challenges, the bank is optimistic about Malaysia’s consumption prospects and exports outlook.