M’sian economy not heading towards contraction or recession

PETALING JAYA: Malaysia will not enter a recession this year even though weaker economic growth will cause some pain. Deputy International Trade and Industry Minister Dr Ong Kian Ming said the government would introduce measures to mitigate the effects of an economic slowdown in the country which had been forecast by leading international agencies. The World Bank has cut Malaysia’s gross domestic product (GDP) growth forecast for this year from 5.1% to 4.7% while the International Monetary Fund (IMF) has revised Malaysia’s growth rate from 5.0% to 4.6%.

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