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Malaysian Economy Posts 10% Expansion
May 13, 2010

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Kuala Lumpur. Malaysia’s economy leaped 10.1 percent year-on-year in the first quarter, its highest jump in a decade, and is on track for 6 percent full-year growth, Prime Minister Najib Razak said on Thursday.

“Following the favorable growth performance coupled with the government and economic transformation initiatives the growth target of 6 percent for 2010 is achievable,” the prime minister said. “Growth was supported by strong domestic demand and the global economic recovery.”

The result, which exceeded expectations, came after a revised 4.4 percent growth rate in the last quarter of 2009. It was the highest rate recorded since 11.7 percent, in the first quarter of 2000.

“All major economic sectors recorded robust growth, particularly in the manufacturing sector, which grew 16.9 percent,” Najib said. “Growth in the sector was driven by electric and electronics, transport equipment as well as wood products and furniture.”

The services sector also registered a strong performance with 8.5 percent growth, while the construction sector expanded 8.7 percent and the agriculture sector by 6.8 percent

“Meanwhile investment grew strongly at 5.4 percent, reflecting a recovery in investor confidence,” Najib said. Imports expanded 27.5 percent in the quarter while exports rose 19.3 percent.

Najib said that the euro zone’s woes were unlikely to clip Malaysia’s performance in 2010. “There is little evidence of contagion effect. I think we will be able to reach the figure of 6 percent this year, God willing,” he said.

Malaysia earlier this year unveiled plans for economic reforms including an overhaul of racial preferences for majority Malays, part of a road map to achieve developed-nation status by 2020.

 

Agence France-Presse