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Malaysia's economy grows by 8.8 percent |
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August 24, 2000
KUALA LUMPUR (AP) - Malaysia's economy expanded 8.8 percent in the second quarter of 2000 compared to the same period last year, the central bank announced Wednesday. The gross domestic product data, which broadly matched analysts' expectations, was mostly fueled by stronger-than-expected showings in the manufacturing sector, Bank Negara governor Zeti Akhtar Aziz said at a media conference. "The strong external demand, the (budgetary) fiscal stimulus and the positive domestic economic and financial environment continued to support growth," Zeti said. Growth came in all sectors except for agriculture. It was the Malaysian economy's fifth straight quarterly expansion. The manufacturing sector recorded a growth of 22 percent in the second quarter compared with 10.7 percent in the same period last year. Malaysia's Statistics Department also revised last year's GDP growth to 5.8 percent, up from 5.6 percent earlier, Zeti said, adding that the inflation remained below 3.0 percent due to increased productivity. The central bank chief stressed that Malaysia still had no plans to lift a two-year-old ban on international trading of the ringgit although local authorities say the currency is undervalued. Economists say Malaysia's capital controls will come under pressure toward the end of the year if inflation rises substantially. Malaysia pegged its currency, the ringgit, at 3.8 to the U.S. dollar in September 1998 to insulate the country from the Asian financial crisis. |