Malaysian economy to grow 7%, currency needs to be stronger: IMF
The International Monetary Fund, in its annual review of the Malaysian economy, has forecast growth of almost 7% in 2010, a healthy rebound from last year’s recessionary contraction of 1.7%. The IMF also said monetary policy had also been “appropriately recalibrated” to sustain non-inflationary growth and supported the government’s opinion that the ringgit needs to be stronger to increase domestic demand and drive an economic shift towards higher value added industries. The ringgit’s value has already increased by 8% this year, Asia’s biggest currency jump.
Policies were returning to “normal settings” and growth would probably moderate to about 5.3% next year, the report said.
source & article: Business Times
See also: The IMF wants Malaysia to take “decisive” action on the New Economic Model announced in March, particularly in reforming the Affirmative Action program.
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