Malaysia's economic growth better than expected
Update from The Star News Desk
BY NICK LEONG
KUALA LUMPUR: Prime Minister Datuk Seri Abdullah Ahmad Badawi said the country's economy was expected to grow at a faster rate than the forecasted 6.5% for this year.
He said the gross domestic product (GDP) growth for the first quarter at 7.6% and the performance of the economy during the first two months of the second quarter had given the Government reason for optimism.
"What is more pleasing is the fact that much of this growth is derived from domestic consumption and private investment and without any pump-priming from the Government," he said at the opening of the 58th AGM of the Associated Chinese Chamber of Commerce and Industry of Malaysia (ACCCIM) at the Shangri-La Hotel here on Friday.
Abdullah, who is also Finance Minister, said the Government was committed to maintaining strong fiscal discipline with a view to balancing the budget.
"Development spending will still continue and the Government will still finance projects that bring about social benefits, but the private sector needs to ensure that it is committed to productivity improvement and enhance global competitiveness," he said.
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