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Wed, Aug 22, 2001 - Page 21 News List

Malaysia layoffs show GDP is slipping

BAD SIGN Taiwan-based Acer Inc, for the first time in 11 years, trimmed its workforce in Malaysia by a third in another sign that the country's economy is faltering

BLOOMBERG , KUALA LUMPUR

Farming, which softened the slowdown in the first quarter, may not have helped in the second. Growth of crude palm oil production slowed to 17 percent from 27 percent in the first quarter, and rubber production fell 22 percent, twice the decline in the first quarter.

The central bank may revise its economic growth forecast of between 5 percent and 6 percent for 2001. Economists polled by Bloomberg News expect growth to slow to 0.8 percent this year from last year's 8.3 percent.

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