Malaysia to grow more than 7.5% in 2000 Minister

Ulhas Joglekar ulhasj at
Sat Jan 20 19:12:07 MST 2001

17 January 2001

Malaysia to grow more than 7.5% in 2000: Minister
KUALA LUMPUR: Malaysia's economic growth last year is expected to exceed the
official forecast of 7.5 per cent, Deputy Finance Minister Chan Kong Choy
said on Tuesday.
Chan, quoted by Bernama news agency, gave no figure for expected gross
domestic product growth in 2000 but said GDP grew 9.3 per cent year-on-year
in the first three quarters.
The economy grew 5.8 per cent in 1999 compared to a 7.5 per cent contraction
in 1998 during the regional financial crisis.
Chan, addressing a conference on corporate issues, said a US economic
slowdown would pose a challenge to sustainable growth.
"However, the impact from a slowing US economy can be somewhat mitigated if
Malaysian manufacturers and exporters continue to diversify both their
products and markets to tap new opportunities elsewhere, in particular, in
the newly emerging economies," he said.
He said the government has set up a think tank to tackle challenges arising
from globalisation and trade liberalisation. He added the banking and
stockbroking sectors were being consolidated.
Prime Minister Mahathir Mohamad said last month that Malaysia would be hard
hit by any US slowdown and was seeking new trade partners to counter
potential damage.
Almost 21 per cent of all Malaysia's exports go to the US. (AFP)
 For reprint rights:Times Syndication Service

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