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KUALA LUMPUR, Feb 26 (Bernama) -- Malaysia's economic activity has returned to end-1997 levels with the growth in the economy supported by stronger external demand, higher government spending and further improvement in domestic demand, Bank Negara Malaysia said today.
Reflecting the health of the nation's economy, the real Gross Domestic Product (GDP) grew by 10.6 percent in the fourth quarter of 1999, the first double-digit growth since the onset of the financial crisis in July 1997.
The central bank said in a statement strong economic growth during the fourth quarter was achieved in an environment of low inflation, favourable labour market conditions, continued large trade surplus, strong international reserves and relatively low external debt.
For the whole of 1999 the real GDP rebounded to 5.4 percent from a contraction of 7.5 percent in 1998.
Bank Negara said growth remained broad-based with all sectors …