Thursday, October 20, 2011

IHS Global: Malaysia to grow 4% in 2011, 2012

KUALA LUMPUR: Malaysia's economy is expected to grow at a slower pace of 4% for 2011 and 2012 due to external factors including Europe and the US which are expected to reduce their manufactured imports, an economist said.

IHS Global Insight Asia-Pacific chief economist Rajiv Biswas said on Thursday, Oct 20 that over a medium-term five-year period, the'' GDP growth would be about 5%.

Malaysia's GDP growth in 2012 would be affected due to the crisis in the Eurozone, which is weighing down Malaysia's exports, particularly the manufacturing sector here.

However, Rajiv said this would be offset by China's strong growth and commodity imports, and the reCONSTRUCTION [] efforts in Japan.

He was speaking to reporters after the European-Union Malaysia Chamber of Commerce and Industry (EUMCCI)'s quarterly economic panel discussion.

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