KUALA LUMPUR – The stable and moderate gross domestic product (GDP) growth of 4.9 per cent for the second quarter of 2015 indicates Malaysia’s economy is in good shape, Datuk Seri Najib Tun Razak said.
“Despite some people painting a negative picture of the country’s economic conditions, the Bank Negara Malaysia (BNM) report today shows the real situation,” the prime minister said in his latest Facebook post.
Najib, who is also finance minister, said Malaysia’s economic growth for the second quarter should be compared with that of other Asian and developed countries.
Developed countries like the US and the UK expected slower growth in the second quarter of this year at 2.3 per cent and 2.6 per cent respectively compared with 2.9 per cent growth (for both countries) in the first quarter.
As for China and Indonesia, the growth for the second quarter remained at the first quarter level of 7.0 per cent and 4.7 per cent, respectively.
Meanwhile, Chinese Taipei targeted a growth of 0.6 per cent in the second quarter compared with 3.4 per cent in the previous quarter, while Singapore at 1.8 per cent compared with 2.8 per cent in the first quarter.
Malaysia’s economy grew 4.9 percent in the second quarter from 5.6 per cent a year earlier, exceeding expectations despite weak commodity prices and domestic demand during the period.
Malaysia is on the same page with the global economy, which also saw a moderate pace expansion, BNM Governor Tan Sri Dr Zeti Akhtar Aziz said.
“The global economy expanded at a moderate pace in the second quarter of 2015. Growth in most Asian economies moderated in the second quarter. Domestic demand continued to support growth in an environment of weak exports,” she said.