Malaysia unveils $16.2 bln economic stimulus plan

By Tuesday March 10th, 2009 No Comments

KUALA LUMPUR, Malaysia_Malaysia’s government has unveiled plans to inject a massive 60 billion ringgit ($16.2 billion) to stimulate the sagging economy and avert a recession.

This is in addition to a 7 billion ringgit ($1.9 billion) package announced in November. Finance Minister Najib Razak announced the new plan Tuesday in Parliament.

But he acknowledged that it may not be enough to prevent the economy going into a recession this year. He says the government has slashed its economic growth forecast for 2009 to a range of minus 1 percent to 1 percent.

He says the “implementation of such a large stimulus package is unprecedented in the nation’s history.”

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Source : The Associated Press

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