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Thai central bank cuts GDP outlook, Malaysia unveils 2014 budget

  • Malaysian shares (EWM) end largely flat after hitting all-time highs Thursday. Notably, Prime Minister Najib Razak's 2014 budget has been released. Highlights include: Property tax raised to 30%, 20%, and 15% on properties disposed within three, four, and five years respectively; goods and sales tax (implemented 17 months from now) of 6%; subsidy programs will be "gradually restructured." (more details here)
  • Elsewhere, the Bank of Thailand has cut its 2013 GDP forecast to 3.7% from 4.2% citing a "slowdown in private consumption [and] fiscal stimulus [that] fell short of expectations." (full report) SET (THD, TF, TTF) -0.8%.
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