Positive Growth In Several Sectors Fuelled Economic Recovery

Malaysia's recovery from the global economic crisis were fuelled by positive growth registered by various sectors and not solely due to the accelerated implementation of the RM67 billion economic stimulus package, says Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.

He said the Opposition claims that Malaysia's 2009 "better than expected" fourth quarter economic performance was the direct result of the whopping RM67 billion stimulus package was totally baseless.

"The economic recovery in the United States and Europe also provided the advantage to Malaysia. While we did not reduce our exports to Europe, we also increased our exports to Asian countries.

"Previously, our country registered a trade deficit with China, but it was no longer the case now as within a two-year period, we have recorded a trade surplus," he told reporters after launching the "Pintar MAS" programme at Sekolah Kebangsaan Manjoi Dua here on Thursday.

Ahmad Husni said the high growth rate recorded by several economic sectors provided the impetus for the country to recover from the economic crisis that plagued the world.

For instance, he said, the manufacturing sector recorded a negative growth in the first, second and third consecutive quarters last year, but rebounded in the fourth quarter, with a positive growth.

"In the first quarter, the sector registered -17.9 per cent growth, second quarter -14.5 per cent, third quarter -8.6 per cent and in the fourth quarter 5.3 per cent. All these contributed to the nation's economic growth," he added.

Prime Minister Datuk Seri Najib Tun Razak, when announcing the 2009 fourth quarter economic performance on Wednesday, said the worst was over for the country.

The 4.5 per cent economic growth registered in the fourth quarter of last year was beyond expectation, amid strengthened domestic and external demand, said Najib, who is also Finance Minister.

For the year 2009, the economy contracted by 1.7 per cent, lower than the -3 per cent projected earlier, he added.