Malaysia’s economy grew at its slowest pace in three years in the first quarter prompting analysts to revise their growth forecasts for this year, less than two weeks after an election win for the country’s ruling party sparked a wave of optimism about the country’s outlook.
First quarter gross domestic product data (GDP) released late on Wednesday showed Southeast Asia’s third biggest economy grew a weaker-than-expected 4.1 percent from a year earlier on poor exports, down from a strong 6.5 percent in the final three months of last year.
That news helped knock Malaysian stocks down almost 0.8 percent to around 1,769 on Thursday, about 3 percent below a record high hit on May 6 – a day after Malaysia’s ruling coalition party returned to power after a closely-run general election, easing concerns about political uncertainty.
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