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Malaysia forecasts deeper recession
The Associated Press , Putra Jaya | Thu, 05/28/2009 4:13 PM | Business
Malaysia's prime minister says a recession this year will be worse than expeted with the economy expected to shrink between 4 and 5 percent.The government had previously forecast Malaysia's economy to contract 1 percent.
Prime Minister Najib Razak says the government had to revise the figure due to "very weak external demand" that has hit the country's exports.
He tol reporters Thursday that exports have plummeted by 25 percent and private investment has fallen by 26 percent in the first quarter this year, compared to the same period last year.
He said the government expects the economy to start growing again from the 4th quarter into 2010.
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