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Malaysia to record 5% GDP growth
12th January 2012The Malaysian economy is predicted to record a gross domestic product (GDP) growth of five percent this year, and will continue to sustain its growth of five percent to six percent in the final quarter of 2011, according to AmResearch.
Manokaran Mottain, Senior Economist at AmResearch, said Malaysia's economic growth will likely stay robust despite the ongoing global economic uncertainties.
"We hold our view that domestic demand, especially private consumption and investment, would support GDP growth in the quarters ahead," he said.
He noted that Malaysia's domestic economic momentum was and will be sustained further by the Economic Transformation Programme (ETP) projects and by new roll-outs of projects for this year.
Manokaran added that fiscal policy played a vital role in the country's economic performance, where the government is still committed to responsible management without destabilising growth momentum.
"Under Budget 2012, the government is committed to reducing the fiscal deficit to 4.7 percent of GDP this year from an estimated 5.4 percent in 2011."
He said the favourable labour market as well as lower inflation levels will offer more market support, given the looming decline in external demand.
The volatility in both foreign demand and in the manufacturing sector is also expected to continue in the coming months, amid the ongoing Eurozone debt crisis.
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