KUALA LUMPUR, June 11 (Reuters) – Malaysia’s economy is expected to post positive growth in the fourth quarter of the year, aided by the government’s fiscal stimulus measures, the prime minister was quoted as saying on Thursday.
“The third quarter of this year will see a marginally negative growth and fourth quarter to see a positive growth,” Najib Razak, who is also Finance Minister, was quoted as saying by official Bernama news agency.
The government’s stimulus spending of 67 billion ringgit ($19.18 billion) is expected to add 1-2 percent growth to the economy, Najib said.
He said the government hoped the economy would record reasonable growth next year.
Analysts say Asia’s third-most export-reliant economy is in midst of its worst recession in a decade.
The economy shrank by 6.2 percent in the first quarter from a year ago, the largest fall since the fourth quarter of 1998, and the central bank expects similar contraction in the second quarter.
The government expects the economy to shrink by between four and five percent in 2009. ($1=3.493 Malaysian Ringgit) (Reporting by Liau Y-Sing; Editing by Kazunori Takada) ((email@example.com; Reuters Messaging: firstname.lastname@example.org; +603 2333 8083))
Source : Reuters