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Wednesday, October 24, 2007

Malaysia Likely To See Lower Growth

KUALA LUMPUR, Oct 23, 2007 (Bernama) - The over eight percent growth in the late 1990s was an exceptional period for Malaysia, which is likely to be lower now, National Implementation Task Force adviser Datuk Dr Zainal Aznam Yusof said.

"We are now entering a phase of moderate growth averaging between 5.5-6 percent, and no longer over 8 percent," he told a media briefing on the United Nations Conference on Trade and Development World Investment Report 2007, which was released last week.

He said productivity would be an important contributor to economic growth as the country was unlikely to attract huge inflow of foreign direct investment (FDI) as in the past.

"In terms of contribution to growth, if we are competitive and more productive, the contribution of capital to growth will be small.

"I don't think we are going to see a massive or huge FDI inflow like before," he said.

The country attracted US$6 billion (US$1=RM3.37) in FDI last year, its highest level since the Asian financial crisis.

Zainal said another way of attracting FDI was managing the sentiment and perception of foreign investors.

"You get all kinds of negative reporting in the media and you have to put that in a proper context so that they (foreign investors) don't run away and have negative views on Malaysia like whether it is safe place or not to invest," he said.


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