Malaysia has trimmed its 2016 growth forecast and said it would cut spending as slumping global oil prices squeeze the finances of Southeast Asia's third-largest economy. It also maintained its fiscal deficit target for this year at 3.1% of GDP, contrary to expectations by some economists that the gap would be widened. The world's second-largest exporter of liquefied natural gas has been hit hard by a tumble in crude oil prices, which Malaysian policymakers forecast will average US$48 a barrel this year.