Malaysia’s GDP can record five per cent or more this year

CYBERJAYA: The Malaysian economy can record five per cent or more gross domestic product (GDP) growth this year, based on the country’s first-half performance, said Treasury SecretaryGeneral Tan Sri Dr Mohd Irwan Serigar Abdullah.

“The country’s economy is performing well, and I personally think we can achieve five per cent or more in GDP growth, backed by the strengthening economic environment, the increase

The country’s economy is performing well, and I personally think we can achieve five per cent or more in GDP growth, backed by the strengthening economic environment, the increase in exports and investments, and job creation. Tan Sri Dr Mohd Irwan Serigar Abdullah, Treasury Secretary-General

in exports and investments, and job creation. “We also see the oil price stabilising at between US$47 and US$50 (US$1=RM4.30) per barrel, andIthinktheringgitwillbegetting better,” he said, commenting on a recent Bloomberg’s report ‘The Ringgit Is Easily Asia’s Strongest Currency’, which said the ringgit was the most stable major Asian currency during the first quarter of this year. Malaysia’s economy recorded 5.6 per cent growth during the first quarter of this year, boosted by strong domestic demand and private expenditures. Mohd Irwan, who is also chairman of the Malaysian Global Innovation & Creativity Centre ( MaGIC), was speaking to reporters after launching MaGIC’s Global Accelerator Programme yesterday.

He said Malaysia’s economy was never ‘in doom and gloom’, and that the economic slowdown was due to the volatility in oil price and global market sentiments.

Asked if Malaysia would revise the GDP projection, Mohd Irwan said, the government was meeting with the Economic Planning Unit (EPU) and Bank Negara Malaysia to see whether there was a need to revise it in the Budget 2018, scheduled to be tabled on Oct 27.

Yesterday, Prime Minister Datuk Seri Najib Tun Razak said in his blog posting that Malaysia was able to record achievements that it could be proud of despite challenges such as the global market uncertainty and falling oil prices.

He said that overall, the nation’s economic performance for the first quarter of 2017 remained stable and strong, expanding by 5.6 per cent, with foreign direct investment rising to RM17 billion. — Bernama

Tan Sri Dr Mohd Irwan Serigar Abdullah

The key catalysts for this sector are visible, underpinned by the stronger demand for building materials based on record order books of the construction players in the country.