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NEWS UPDATES 11 August 2009

Malaysia expects stronger growth in second half

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Malaysia’s economic growth is expected to be better in the second half although full recovery will take much longer, local business daily StarBiz reported, quoting Minister in the Prime Minister’s Department, Tan Sri Nor Mohamed Yakcop.

The minister said the world economy, including Malaysia’s, at present would continue to be in “U-shaped recession”.

“We believe the economy is not going to be a V-shaped recession but U-shaped recession. “However, it depends on how long the current situation lasts,” he said at the sidelines of the World Capital Markets Symposium Monday.

Nor Mohamed said the worst of the world economic crisis was over as economic and export growth had started to show signs of stabilisation.

He also reiterated that Malaysia was looking at restructuring its economic model to move the economy to high income level from the current middle income model.

“We aim to be a developed nation by 2020 and to achieve this, our per capita income must reach $12,000 from about $7,000 currently,” he said, adding that Malaysia needed to achieve a high economic growth of 7 percent per annum to achieve the target.

Earlier, Nor Mohamed exchanged views with Singapore’s Finance Minister Tharman Shanmugaratnam and Hong Kong Secretary for Financial Services and the Treasury KC Chan in a special ministerial session on global imbalances and the need for structural regulatory reforms. Shanmugaratnam and Chan warned against being too hasty.

They said greater regulation of financial institutions must not be at the expense of stifling innovation and growth. Nor Mohamed said the Asian financial crisis in 1998/99 was a “very useful” lesson to the country.


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