Malaysia Slashes 2015 Budget, Cuts Growth Forecast

January 20, 2015 4:14 AM

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Malaysia cut its economic growth forecast for this year and announced austerity measures after tumbling oil prices forced the government to slash its budget.

Prime Minister Najib Razak says the 2015 budget, announced in October, was based on oil prices averaging $100 a barrel but this projection was no longer realistic as global crude prices have dropped by over 50 percent.

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