‘Bud­get will aim to boost pros­per­ity’

The Sun (Malaysia) - - NEWS WITH­OUT BOR­DERS -

eco­nomic sit­u­a­tion and ef­forts to im­prove it, Na­jib said the econ­omy has re­mained firm and is still show­ing en­cour­ag­ing growth through the strengthening of eco­nomic and fi­nan­cial struc­tures.

“Th­ese in­clude the im­ple­men­ta­tion of GST last year, which has cov­ered the short­fall in gov­ern­ment rev­enue due to the drop in global oil prices and sub­sidy ra­tio­nal­i­sa­tion to tar­get groups,” he said.

Na­jib said gross do­mes­tic prod­uct (GDP) for this year is es­ti­mated at 4%-4.5% fol­low­ing the first half’s 4.1%. He said Malaysia recorded 5% growth last year com­pared to In­done­sia’s 4.8%, Thai­land’s 2.8%, South Korea’s 2.6% and the global GDP growth of 3.2%.

“The re­duc­tion in growth this year is due to the slow­ing global econ­omy. Our ex­ports de­creased. The weak in­ter­na­tional mar­ket has also caused a drop in prices of com­modi­ties like oil, gas, palm oil and min­er­als.”

On the 2017 Bud­get to be pre­sented in Par­lia­ment on Fri­day, Na­jib was quoted by Ber­nama as say­ing it will cover mea­sures to strengthen the econ­omy and help in­dus­tries reel­ing from the slug­gish global econ­omy which had im­pacted in­ter­na­tional trade.

“The Bud­get will take several mea­sures to ad­vance the econ­omy with the aim of en­hanc­ing the peo­ple’s pros­per­ity in a fair and in­clu­sive man­ner,” he added.

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