KL sees 8.7% growth

KL sees 8.7% growth

KUALA LUMPUR (AFP): The Malaysian economy grew by 8.7 percent last year, compared to 8.3 percent in 1993, Finance Minister Anwar Ibrahim was reported saying Saturday.

The growth, which surpassed expectations, "was an achievement which should be maintained or enhanced in future years," Anwar was quoted saying by the Bernama news agency.

The central Bank Negara is to release at the end of March its annual report on the economy and gross-domestic-product (GDP) growth for last year.

But Anwar said Saturday that the GDP growth for 1994 had already exceeded the central bank's projection of 8.4 percent.

The finance minister said the latest growth figures were confirmed by the 1994 Bank Negara report, which he had studied.

Anwar had hinted Thursday that GDP expanded by more than 8.5 percent last year but did not elaborate.

The Malaysian economy has been expanding at an average eight percent for the last eight years, with 1990 being the highest single year of growth at 9.7 percent.