KUALA LUMPUR — Malaysia's gross domestic product (GDP) of 5.6% recorded in the first quarter of 2015 was higher than most Asean and developed countries, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said. He said the GDP growth has enabled Malaysia to maintain the unemployment rate at 3%, which embodies full employment by international standards. “Despite uncertainties in the global economy, we manage to perform better than others in terms of economic growth, led by domestic demand and supported by strong private consumption and investments,” he told a press conference in Ipoh Saturday. Husni said Malaysia's GDP was higher than most Asean countries, including Singapore (2.1%) and Indonesia (4.7%), and that of South Korea (2.4%), the US (3%), the UK (2.4%), and Germany (1.1%). He said Malaysia's unemployment rate was also lower than other countries such as the US and the UK (5.6%), Germany (4.7%), Greece (25.5%), Spain (23.8%), and Italy (12.8%). Husni said the International Monetary Fund forecast that the world economy would expand slightly to 3.5% this year from 3.4% last year, while Asean would perform better in 2015 at 5.2% of the GDP from 4.6% last year. He said the private sector continued to be the main driver of Malaysia's economic growth with investments picking up. — Agencies
