The Malaysian Institute of Economic Research (MIER) forecasts GDP growth to contract by 3.8% in 2009 in the worst case scenario. MIER executive director Prof Datuk Dr Mohamed Ariff Abdul Kareem said that the domestic economy is expected to continue shrinking in 2011 before seeing a gradual recovery in 2012. MIER expects investments and exports to shrink by 4.6% and 9.8% respectively, and private consumption to grow by a mere 1.9%. The services sector would be a critical growth driver while the manufacturing sector was expected to contract by about 3-4% in 2009 due to lower export demand. (Financial Daily)
Tuesday, March 17, 2009
GDP growth to contract by 3.8% in 2009
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