PM: Malaysian economy to grow at 4.5pct this year
KUALA LUMPUR: Prime Minister Tun Dr Mahathir Mohamad today said the country’s Gross Domestic Product (GDP) is expected to grow at 4.5 per cent this year, down by 0.3 from the previously announced 4.8 per cent.
Last year, Finance Minister Lim Guan Eng said that the country’s economy would grow at 4.8 per cent this year.
“Our GDP is forecast to grow at 4.5 per cent this year despite challenging times.
“With good fiscal discipline, our budget deficit will narrow to 3.2 per cent this year,” he said in his keynote address at a dialogue session with the French business community in Malaysia here, today.
The event was organised by the Chamber of Commerce and Industry France Malaysia.
Dr Mahathir said the government is committed to provide a stable business environment for investors.
“We will be business-friendly. In fact, we will revive our Malaysia Incorporated policy, which means close cooperation between the government and the private sector,” he said.
Dr Mahathir said since taking over the government, Pakatan Harapan has focused on creating a stable economy, maintaining good fiscal discipline and good governance, ensuring transparency in doing business, eradicating corruption, and launching institutional reforms.
He said Malaysia was ranked 12th in the World Bank 2020 ease of doing business report, recording an improvement from its 15th position in the previous year.
“Moving forward, we will continue to embrace the 5Cs of doing business – clarity, consistency, certainty, confidence and continuity,” he said.
Dr Mahathir added that the government has established the necessary organs and facilities to ensure smooth running of foreign investments in Malaysia.
“I know talent management is a very important subject and the development of education is a priority to ensure we produce the right Malaysian talent needed for the 21st century or the digital age.
“We also welcome expats and foreign talent into Malaysia and we remain very generous with the various employment and resident passes for high skilled and specialised foreign talent.
“We will listen to your views on the kind of workers you want us to produce,” he said.
On quality infrastructure, Dr Mahathir said it has been completed and upgraded not just in the Klang Valley but also in Penang, Johor and other parts of the country.
“More is coming and there are certainly more opportunities for French companies to avail themselves of.
“Our manufacturing sector is also all geared up to fully embrace the Industry 4.0 objectives following the launch of our national policy or Industry Forward blueprint.”
Meanwhile, on the economic stimulus package to cushion the impact from the ongoing 2019 novel coronavirus (2019-nCoV) outbreak, Dr Mahathir said the Finance Ministry is looking into the matter.
“It is tough to bring people (visitors) to come here, hence we have to look into how we can attract Europeans, South Asians and Indians,” he told reporters after the event.
On Thursday, Lim said the government is evaluating the need for an economic stimulus package and is ready to launch the measures to deal with the effects of the coronavirus if necessary.
£¨source£ºNew stratis times£©
£¨source£ºNew stratis times£©