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40<br />
ECONOMIC LANDSCAPE<br />
On the broader picture the<br />
global outlook <strong>to</strong>ok a turn for<br />
the better in 2004 as it<br />
experienced steady recovery<br />
from geo-political events. In<br />
Malaysia, strong economic<br />
activity was charted by the<br />
Malaysian Institute of Economic<br />
Research (MIER) and gross<br />
domestic product growth (GDP)<br />
is expected <strong>to</strong> be approximately<br />
7.2% for 2004.<br />
Bank Negara Malaysia also<br />
highlighted expansion of the<br />
Malaysian economy at an annual<br />
Our Prime Minister at the<br />
<strong>Boustead</strong> booth during<br />
Invest Malaysia 2004.<br />
rate of 6.8% in the third quarter<br />
of 2004, raising the real GDP<br />
growth <strong>to</strong> 7.6%. Growth was<br />
supported by strong expansion<br />
in private sec<strong>to</strong>r demand,<br />
consumption and investment, and<br />
continued expansion in exports.<br />
Looking forward, MIER forecasts<br />
a slower growth of 5.7% for 2005,<br />
given the downside risks of high<br />
petroleum prices and the gradual<br />
deceleration of global growth.<br />
However the private sec<strong>to</strong>r is<br />
expected <strong>to</strong> make substantial<br />
contributions <strong>to</strong> growth as public<br />
spending declines.