Malaysia economy grows 6.4 pct in fourth quarter
The central bank, Bank Negara, also said in a statement that Southeast Asia's third-largest economy rose 5.6 percent for full-year 2012, exceeding an earlier government forecast of 5.0 percent.
The 6.4 percent growth in the fourth quarter of 2012 was up from a 5.2 percent expansion achieved in the same quarter the previous year due to steady domestic demand, Bank Negara.
"Total (private sector) investment remained robust and was the main driver of growth during the quarter," it said.
Prime Minister Najib Razak, who will face what are expected to be tough elections by June, has been pumping money into the economy through investment drives and cash handouts.
"The stronger growth in the first half of the year reflected the effects of the various government transfers to households disbursed during the period," Bank Negara noted.
Malaysia's manufacturing and services sector led growth in the fourth quarter, it said.
Domestic consumption offset sluggish demand from abroad as key trade partners, such as the US and China, struggle with the global economic slowdown.
Bank Negara forecast further growth for the export-dependent economy in 2013 on continued "firm" domestic demand and a "gradual improvement" in overseas markets, while not offering an expected growth rate.
The government has previously forecast the economy will expand 4.5-5.5 percent in 2013.
The 6.4 percent growth performance in the latest quarter was the most robust since the second quarter of 2010, when the economy expanded 8.9 percent.
The first half of the year's stronger growth was basically due to all the handouts that Ah Jib Gor did in order to make voters support him. So it cannot be really cathegorized as e****mic growth - welfare growth maybe. Or to put it cynically - corruption growth.
Bank negara must be very proud of Ah Jib Gor for his creative manipulation of the national statistcs. They should reserve a seat in their board of directors for him just in case he loses his job after GE13. One good turn deserves another in return, right?
We have to read between the lines of every announcement that are being made by the bodies related to the government. Ask ourselve why they are made and what is the real motive behind these announcement. And who will benefit most from it. The answer is of course quite obvious.
So let us take it with another pinch of salt and treat it as another piece of propaganda that are only useful for what old newspapers are good for - to line your birdcage so that it is easier to dispose of the **** that are being dropped daily by your tweety bird. Apt anology, eh?
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