Malaysia's central bank cuts country's 2012 growth forecast to 4%-5% from earlier 5%-6% prediction, citing Europe's economic malaise

Cindy Allen

Cindy Allen

Mar 21, 2012 – Associated Press

KUALA LUMPUR, Malaysia , March 21, 2012 () – Malaysia's central bank cut its economic growth forecast to between 4 and 5 percent this year, down from an earlier estimate of 5 to 6 percent, weighed down by Europe's economic woes.

The economy cooled to 5.1 percent growth last year, down sharply from 7.2 percent in 2010.

Central bank Gov. Zeti Akhtar Aziz says domestic demand will continue to anchor growth and mitigate the impact of weaker external demand.

Zeti said Wednesday that Malaysia's export growth will likely slide to 3.2 percent from 8.7 percent in 2011 amid slower demand from Europe.

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