Country has bounced back from economic crisis, says Malaysia Prime Minister

The country has recovered from the economic crisis, Prime Minister Datuk Seri Najib Tun Razak said. He said the gross domestic product grew by 4.5% in the fourth quarter of last year, a better result than expected. He added that the economy was expected to see strong growth this year. Asked if the worst was over for the Malaysian economy, Najib said: “Yes.”

The other developments yesterday were:

The economy contracted by 1.7% for the whole of last year but this was also lower than the projected 3% contraction.

The construction sector grew at the fastest pace in the fourth quarter, followed by the agricultural sector.

The news came as a surprise for economists who were expecting an average growth of 3.2% for Q4 of 2009.

The worst is over for the Malaysian economy and it is poised to experience strong growth this year, Datuk Seri Najib Tun Razak said.


He said 2010 would be a year to be bullish about as the GDP growth was an indication of better times. “Barring unforeseen circumstances, we can safely say we have recovered from the crisis and should look forward to strong growth for 2010,” he added.

Najib expressed confidence that this year’s GDP could reach 5%, higher than the 4% projected.

Source: The Star