Our economy is set for full recovery and more resources are saying so. According to the media report, Malaysia’s central bank (Bank Negara) has become more confident the South-East Asian nation is recovering from the global recession
It was quoting Credit Suisse Group said citing a meeting with deputy governor Datuk Ooi Sang Kuang.
The central bank’s “view is that the signs of an economic recovery seem evident,” Danny Goh, an analyst at Credit Suisse was quoted in the report.
He added that it is only unsure on whether the economic rebound will be modest or sharp,
Malaysia’s economic contraction eased to 3.9% last quarter from a 6.2% decline in the first three months, and policy makers expect gross domestic product (GDP) to resume growth at the end of the year.
The report also noted that the country’s export and manufacturing slump has abated as economies from Singapore to China emerge from the world’s deepest recession since the Great Depression.