Malaysia not likely to slump

Source: Agencies  |   2009-1-12  |     NEWSPAPER EDITION

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MALAYSIA will not slip into a recession this year, a minister said, as he urged the nation's banks to offer loans to small and mid-size businesses, news reports said yesterday.

The impact of the global financial downturn will be softened by government moves, including a plan to inject 7 billion ringgit (US$2 billion), Second Finance Minister Nor Mohamed Yakcop, was quoted as saying.

The Star newspaper quoted Nor Mohamed as saying the Malaysian economy is still strong although many countries are in a recession and an economic contraction.

The government has said the economy will grow 3.5 percent in 2009, but economists have warned growth could fall below 2 percent.



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