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December 7, 2008

Malaysia: Fiscal boost to fend off recession
Malaysia's near $2 billion fiscal stimulus will start to boost the economy from the first quarter of next year and the government does not expect the country to slide into recession, Reuters quoted a government minister as saying.

Despite a downturn in global growth and an unexpected fall in exports in October, Malaysia's government still expects 3.5 percent growth in 2009, Second Finance Minister Nor Mohamed Yakcop told journalists on Saturday.

"The trick is to implement these measures very quickly so that the impact is there in the next few months," he said.

"At this point of time, there is no possibility, from our calculations, that we will enter recession in 2009."

The government's forecast is higher than that of many banks. UBS sees no growth in Malaysia in 2009 while Malaysian investment bank RHB is forecasting 1.5 percent.




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