‘MALAYSIA ENJOYING STRONG GROWTH’
Gross national income up by 51.8pc, says Najib
MALAYSIA is experiencing healthy levels of economic growth with its gross national income up by 51.8 per cent and 2.26 million jobs created, despite years of global uncertainties.
Prime Minister Datuk Seri Najib Razak said yesterday both the International Monetary Fund and the World Bank had raised positive predictions for growth in the country to nearly five per cent this year and beyond next year.
“Unemployment and inflation have been kept low, and the deficit steadily has reduced.
“It’s a very healthy level of growth, despite years of considerable global turbulence,” Najib said at the 63rd Master Builders Association of Malaysia (MBAM) anniversary dinner.
The healthy growth in economy was registered in the first two quarters of the year, in which Najib said the numbers had exceeded initial expectations.
“In the first quarter of this year, we registered growth of 5.6 per cent.
“And, it has been announced today (yesterday) that in the second quarter, we have beaten all our expectations, with growth of 5.8 per cent.”
Najib said Malaysia’s economic strength and the positive growth had led to international confidence and recognition.
“And, just yesterday (Thursday), Fitch Ratings reaffirmed our country’s rating with Stable Outlook, citing our strong gross domestic product (GDP) growth, sustained current account surpluses and country’s net external creditor position as key drivers.”
Najib advised the people not to be taken in by contrary claims and fake news spread by certain quarters with regard to Malaysia’s economy.
“The truth is, as the most recent report from the World Bank concluded, and I quote: ‘The Malaysian economy is progressing from a position of strength’.”
Earlier, Najib praised MBAM for its role in boosting the construction sector, which was expected to grow by eight per cent this year, through large-scale projects, including the expansive Pan-Borneo Highway and vast rail network of the East Coast Rail Link (ECRL).
“MBAM plays a key role in our construction sector, which is expected to grow by eight per cent in 2017, and to continue registering robust growth over the next five years, boosted in part by the infrastructure projects the government is implementing across the country.
“These projects include the East Coast Rail Link, the Kuala Lumpur-Singapore High-Speed Rail, the Pan-Borneo Highway, KL118 here in our capital, the Refinery and Petrochemicals Integrated Development Project in Johor, and the MRT Line 2.
“They will provide new jobs, raise wages, enable skill transfers, increase connectivity, and will have a real and transformative effect for Malaysians.”
Najib denied claims that only foreign companies would benefit, citing as an example, that of the RM21 billion worth of contracts for the recently-opened Sungai Buloh-Kajang Mass Rapid Transit Line, RM17 billion was allotted to Malaysian firms.
“And, for the upcoming Sungai Buloh–Serdang–Putrajaya Line, RM26.7 billion of the RM30 billion awarded has been to Malaysian contractors.
“Now, some people have tried to claim that only foreigners will benefit from some of these projects... nothing could be further from the truth.”