Malaysia Prime Minister Najib Razak on January 20 announced three proactive strategies to ensure the country’s economic development with its gross domestic product (GDP) expected to grow between 4.5 percent- 5.5 percent in 2015.
Accordingly, the government will assure the balanced, comprehensive and sustainable economic growth through fostering product and service exports as well as promoting such areas as ship transport, ports and professional services in order to lessen dependence on foreign sources.
PM Najib Razak also pledged to support exporters, especially small- and medium-sized enterprises, to achieve shares in new markets, which is among activities to accelerate the implementation of the National Export Council’s recommendations.
In addition, a number of promotion programmes will be held to boost exports in 46 countries in Asia, Europe, the Middle East and America.
Financial reform and consolidation is the government’s second strategy. In a bid to increase the revenue, Najib Razak’s government will broaden tax base, optimise outlays on supplies and services, especially foreign travel, events, and professional services, as well as repurchase non-critical assets.
The last strategy will focus on giving support to residents and enterprises affected by recent historical floods, which caused an estimated damage of 2.9 billion ringgits (over 800 million USD).
In his announcement, Najib Razak highlighted that budget in 2015 is built on the robust economy last year. However, due to sharp fall of oil prices, the government trimmed its 2015 growth forecast to 4.5-5.5 percent from the earlier projection of 5-6 percent and adjust its budget deficit to 3.2 percent from 3 percent as targeted earlier.-VNA
Accordingly, the government will assure the balanced, comprehensive and sustainable economic growth through fostering product and service exports as well as promoting such areas as ship transport, ports and professional services in order to lessen dependence on foreign sources.
PM Najib Razak also pledged to support exporters, especially small- and medium-sized enterprises, to achieve shares in new markets, which is among activities to accelerate the implementation of the National Export Council’s recommendations.
In addition, a number of promotion programmes will be held to boost exports in 46 countries in Asia, Europe, the Middle East and America.
Financial reform and consolidation is the government’s second strategy. In a bid to increase the revenue, Najib Razak’s government will broaden tax base, optimise outlays on supplies and services, especially foreign travel, events, and professional services, as well as repurchase non-critical assets.
The last strategy will focus on giving support to residents and enterprises affected by recent historical floods, which caused an estimated damage of 2.9 billion ringgits (over 800 million USD).
In his announcement, Najib Razak highlighted that budget in 2015 is built on the robust economy last year. However, due to sharp fall of oil prices, the government trimmed its 2015 growth forecast to 4.5-5.5 percent from the earlier projection of 5-6 percent and adjust its budget deficit to 3.2 percent from 3 percent as targeted earlier.-VNA
