Right Time With Strong Regional Economic Recovery

The Malaysian economy, having weathered through the week economic situation and external uncertainties such as the Iraq war and the SARS epidermic, is showing signs towards a strong recovery.

In the 3rd quarter of 2003, the economy registered an astonishing 5.1% GDP growth, buoyed by stronger aggregate domestic demand, bullish commodity prices, a solid recovery in the services sector and the continuing impact of the government’s stimulus package. The manufacturing sector registered an 8.5% growth in the 3rd quarter and in the first 10-month period of 2003, Malaysia has received a total RM23.3 billion worth of investment applications and RM10.5 billion represents foreign direct investments. With the impressive growths, the governor of Bank Negara Malaysia announced that it expects the 2003 GDP growth to exceed 4.5% as estimated earlier. With the recent economic pick-up worldwide, Malaysia will benefit and growth should accelerate next year, forecasted to achieve a growth of 5.4%.

With the rosy outlook of Malaysia’s economy, the ASEANWOOD WOODTECH Malaysia exhibition is timely and in keeping a pivotal role in Malaysia’s wood and wood based industry.