(MENAFN) Malaysia cut its 2015 growth forecasts, saying the fiscal deficit would be bigger-than-expected after the sharp fall in oil prices which hit the petrochemical-exports, The Peninsula Qatar reported.
The southeast Asian country's Prime Minister said that government had cut its economic growth forecasts to a 4.5 to 5.5 percent range, from an earlier expectation of up to 6 percent.
The target for reducing the fiscal deficit was also tempered to 3.2 percent of gross domestic product (GDP) from an earlier 3 percent stated in a 2015 budget tables three month ago.
"We are not in crisis. Indeed, we are taking pre-emptive measures following the changes in the external global economic landscape which are beyond our control," the Prime Minister said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.