29/10/2008 (The Star Online), Pekan - The government will announce further policy measures to counter the impending global recession and its impact on the Malaysian economy.

Deputy Prime Minister Datuk Seri Najib Razak said the measures would be unveiled at the winding up of Budget 2009 on Nov 4.

Speaking after presenting contributions to haj pilgrims from his constituency here yesterday, Najib, who is also finance minister, reiterated that Malaysia would not face recession this year and the gross domestic product would remain around five per cent.

He noted that in the last two or three days, the volatile global financial market had seen many countries being affected financially and economically.

"We should be grateful that the pressure on Malaysia is not so bad compared with other countries."

At a Hari Raya Aidilfitri gathering of the Farmers Association here later, he expressed confidence that the country would weather the impact of a global crisis due to its diversified economy.

He said the government would take measures to see that the country achieved at least a small growth rate instead of going into recession.

"The important thing is that we will ensure that the peo-ple continue to live comfortably."

On the low prices for commodities like palm oil and rubber and their possible effect on smallholders and Felda pioneers, he said it was anticipated that they would see a drop in their income.

"However, before this they (Felda pioneers) had been earning between RM3,000 and RM4,000 a month." He said their savings would help tide them over during the period of low commodity prices.

He also said the Felda pioneers would be getting their bonus of between RM700 and RM2,000 as well as the guarantee that their income would not fall below RM1,000 a month.

To enable them to earn extra income, he said they were encouraged to get involved in activities like small-scale businesses and handicraft-making.

He said the cabinet committee on palm oil would meet soon to discuss measures to stabilise the price of palm oil.

On further reductions in the price of petrol and diesel following the drastic reduction in global oil prices, Najib said it would be announced at the end of the month.