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August 27, 2009

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Home » Business » Economy

Malaysia out of recession as GDP climbs 4.8%

GOVERNMENT spending helped lift Malaysia out of recession in the second quarter amid signs of stabilization in the world economy.

Gross domestic product expanded 4.8 percent from the first quarter following contractions in the previous two quarters - the technical definition of a recession - the central bank said yesterday.

The economy, battered by the downturn in global trade, was kick-started by government pump priming that included new spending of 67 billion ringgit (US$19 billion). Higher private consumption contributed as well, Bank Negara Malaysia said.

Other heavily export-dependent Asian economies including Japan, Singapore and Thailand also broke out of recession in the latest quarter after getting a lift from government stimulus.

The economy shrank 3.9 percent on year in the second quarter, an improvement from a 6.2 percent dive in the first quarter. GDP contracted 5.1 percent for the first half.


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