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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (4417)	8/27/1998 8:25:00 AM
From: Joseph G.	Respond to of 86076

Is Mohamad a goner? <<Malaysia sinks into recession after dismal Q2 data KUALA LUMPUR, Aug 27 (Reuters) - Prime Minister Mahathir Mohamad on Thursday confirmed Malaysia has sunk into recession, saying the economy contracted by 7.0 percent in the second quarter from a year earlier after shrinking an annual 1.8 percent in the first. ''What has happened today is our economy has deteriorated by 7.0 percent. It has contracted by 7.0 percent in the second quarter of this year after contracting 1.8 percent in the first quarter,'' Mahathir said in a public rally monitored on television. Two straight quarters of negative economic growth is the technical definition for recession. Malaysia's economy last contracted 13 years ago. Special Functions Minister Daim Zainuddin told a business conference on Thursday the economy appeared headed for recession this year, saying that full-year GDP for 1998 could contract by more than the 1.0-2.0 percent officially forecast if a fiscal stimulus was not implemented. He said a slight recovery was possible next year. ''Hopefully, next year maybe there will be a slight recovery, maybe one percent, maybe less than one percent,'' Daim said. Analysts polled by Reuters earlier this month estimated that GDP shrank by 5.7 percent in the second quarter year-on-year. Their estimates ranged from 4.2 percent to 7.3 percent. >>