Malaysia's economic growth slowed to 4.7 percent in the first quarter, the government said Wednesday, due to weakening exports sparked by a stuttering global economy and debt woes in Europe.

Malaysia said Wednesday that exports rose a better-than-expected 4.4 percent year-on-year in the January-March period, thanks to a pick-up in demand from the United States and Southeast Asia.

Malaysia's oil palm farmers will be getting a US$553 million election-year windfall from an initial share sale of a giant state-controlled palm oil plantation company, Prime Minister Najib Razak announced on Tuesday.

Malaysia marked Labour Day with Prime Minister Najib Razak announcing plans for the first minimum wage for private-sector employees in a move that would benefit more than 3 million low-income workers.

Malaysia's central bank Wednesday cut its economic growth forecast for 2012 as the debt crisis in Europe saps its appetite for Asia's exports.

Malaysia said Wednesday exports rose a weaker-than-expected 0.4 percent year-on-year in January owing to a sharp fall in demand from major markets including China and Europe.

Malaysia's government said Wednesday it has sealed an 8.5-billion-ringgit (US$2.8 billion) deal to acquire Tanjong Energy Holdings in one of the country's biggest power asset sales.

Malaysia looks set to introduce a minimum wage of between 800 ringgit (US$265) and 1,000 ringgit (US$332) per month, as pressure mounts on the government to ensure that private-sector workers earn salaries above the poverty level.

Thousands rallied Sunday in Malaysia in the biggest protest yet against an Australian miner's rare earths plant, as the opposition vowed to shut down the facility if it came to power.

The International Monetary Fund (IMF) has commended Malaysia for its prudent economic management, said Prime Minister Datuk Seri Najib Tun Razak.