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Malaysia records best economic growth in two years

Staff Writer |
The Malaysian economy in the first quarter of 2017 expanded 5.6 percent year-on-year, its best in two years since the first quarter of 2015, beating expectations and forecasts.

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At a press briefing on Friday morning, Bank Negara Malaysia (BNM) governor Muhammad bin Ibrahim told reporters that the higher-than-expected result was supported by strong consumption and investment, public sector spending and higher exports.

Malaysia's economic growth in the last quarter of 2016 stood at 4.5 percent. BNM said in March it expected economic growth for the whole year to be between 4.3 and 4.8 percent, but the Q1 results gave it reasons to be more optimistic.

"Amid further improvement in the global economy, the Malaysia economy remains on track to register improved performance in 2017," said Muhammad.

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