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||29 September 2009
S&P economist: Strong recovery for Malaysia, Thailand in 2010
Malaysia and Thailand are likely to post negative gross domestic product (GDP) growth this year but should see a strong recovery in 2010 as commodity prices and demand revive, Malaysian business daily the StarBiz reported, quoting an article by Standard & Poor’s Asia-Pacific chief economist, Dr Subir Gokarn.
Titled In The Asean Region It’s A Case Of Slow But Steady Improvement, the article discusses the economic outlook for Thailand, Vietnam, Indonesia, the Philippines and Malaysia. The article is posted on RatingsDirect.com.
Standard & Poor’s said in a statement it expected Vietnam to outperform the region, “leading the pack” with close to 5 percent growth in 2009 and more than 6.5 percent growth in 2010.
Gokarn, who was quoted in the statement, said: “Despite the bad news and uncertainties in the United States and Europe, timely policy actions and fundamental strengths in the regional economy have helped Asean countries weather the meltdown better and counter the double-digit plunge in exports.
“The second quarter of 2009 marked the beginning of the recovery, when quarter-on-quarter GDP growth jumped across the board. A shift in demand drivers from export to domestic demand was the primary reason for this bounce back,” he said.
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