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Malaysia may have to revise 2009 growth

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October 10, 2008

Global crisis: Malaysia may have to revise 2009 growth
Malaysia will have to recalculate its growth target of 5.4 percent for 2009 due to the global financial crisis, Second Finance Minister Nor Mohamed Yakcop was quoted as saying by state news agency Bernama.

Nor Mohamed, however, said Malaysia was on track to achieve the 5.7 percent growth target for this year, Bernama reported on Thursday.

"We believe we can weather this crisis although we cannot be unduly complacent and have to be ever vigilant in the context of the daily changing turmoil," he said.

On Wednesday, leading investment bank CIMB slashed its 2009 growth outlook for the country by 2 percentage points to 3 percent, due to falling crude oil and commodity prices as well as the US economic downturn.

Nor Mohamed also said with commodity prices easing, inflation was no more a major concern for Malaysia.

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