KL to keep '02, '03 GDP forecasts

KL to keep '02, '03 GDP forecasts

KUALA LUMPUR: Malaysia's government is sticking to the 2002 and 2003 economic growth projections it made in the 2003 budget despite market fears about the impact the bomb attacks on Indonesia's Bali may have on the region, and concerns over any possible U.S. attack on Iraq, Bernama news agency said Tuesday, quoting National Economic Action Council Executive Director Mustapa Mohamed.

"We are confident that the situation (in Bali) is under control and therefore the issue (GDP contraction) does not arise at all," Mustapa said.

"We are confident that we will achieve the numbers announced in the Budget."

Last month the government forecast 4 percent to 5 percent year-on-year gross domestic product growth for this year, and 6 percent to 6.5 percent in 2003. The economy grew just 0.4 percent year-on-year in 2001. -- Dow Jones