IPOH: Malaysia’s economy will register a healthy growth in the third and fourth quarters following strong private sector investment and higher crude oil production, Second Finance Minister Ahmad Husni Hanadzlah said today.
Expressing his optimism, he said, the 5.4% gross domestic product growth posted in the second quarter vis-à-vis 4.9% in the first quarter bore testimony to the country’s sound economic status.
“Actually, we cannot predict the GDP performance in the third and fourth quarters, but I’m optimistic of a healthy showing because we have strong macro fundamentals, aided by public and private investments,” he told reporters at his Hari Raya open house in his residence.
Ahmad Husni is also confident that crude oil production would continue to increase, thus helping the country tide over with the global economic crisis.
“The factor that affected our country’s economic growth last year is the crude oil production, among others.
“Crude oil production has increased in the second quarter and I believe oil production will continue to increase,” he said.
Ahmad Husni said the world, particularly the European and several Asian countries, were facing economic crisis, thus making exports to that countries difficult.
“European countries, particularly five countries facing a crisis, have affected Malaysia’s exports to that countries. Exports to Greece, Ireland, Italy, Portugal and Spain have dwindled by 1.5%,” he said.
The majority of the advanced nations only registered a dismal 0 to one percent economic growth, he added.