Malaysia's economic growth eased to 4.2 per cent in the first quarter, the government said Friday.
The first quarter growth in the country's gross domestic product (GDP) was slower than the 5.7-per-cent growth recorded for the same period last year, according to data from the Statistics Department. "The slight moderation in growth mainly reflected external shocks to the economy and cautious spending by the private sector," said Bank Negara Malaysia, the country's central bank.
"Private sector activity remained the key driver of growth, although the pace of expansion moderated amid ongoing adjustments in the economy," it added. The bank said it remained confident the country's economic growth will hover between 4 per cent and 4.5 per cent "despite the challenging economic environment globally and domestically."