MINISTER EXPRESSES CONFIDENCE IN MALAYSIA'S ECONOMY

KEPALA BATAS (Malaysia), Aug 6 (Bernama) -- Minister in the Prime Minister's
Department Nor Mohamed Yakcop is confident that Malaysia's economy will not be
impacted by the Euro debt crisis and the poor state of the American economy.

He said Malaysia can defend its economic standing based on its dependence on
Asian economies such as China and India.

He also said the country can be expected to face-off the current situation
as it did not have any direct exposure.

"The basic strength of the Malaysian economy which is driven by domestic
demand, will be a shield against reducing the impact of the global economic
uncertainties.

"We are also fortunate in having trade with China and India, two global
economic giants," he added.

He was speaking to reporters after the presentation of assistance to single
mothers in the Tasek Gelugor parliamentary constituency here Saturday.

Nor Mohamed, who is also the Tasek Gelugor Member of Parliament, said this
when asked to comment on the recent fall in Asian stock markets following
concerns over the United States and European economies.

He expressed confidence that the problems in the developed countries would
not cause the world to enter into a double-dip recession.

"Europe is working hard to solve its debt crisis and the United States is
still capable of posting growth but at a slower rate," he said.

He said the slower growth in the United States was caused by a high
unemployment rate of 17 per cent.

Nor Mohamed said the United States was faced with a challenging situation
and the problem of unemployment is a threat to the global economic power.