Malaysia’s economy on the right track: PM Najib Razak

Malaysian Prime Minister Najib Razak (Source: Xinhua)

Malaysia’s economy has performed strongly at a time of regional and global economic uncertainty, showing the country is on the right track, said Prime Minister Najib Razak in a National Day 2015 Message broadcast live by TV1 of Radio Television Malaysia on August 31.

The Prime Minister highlighted that the economy grew by 6 percent last year and is estimated at 5 percent this year, in comparison with negative 7 percent during the Asian crisis in 1998.

The second indicator is that the economic fundamentals are stronger this year as the country has learnt from the effects of the 1998 economic crisis, he said, given the government’s fiscal deficit tapered off to 3.2 percent and the banking system has strong capital with ample liquidity.

In addition, the rates of bad debt and inflation are low and manageable.

Malaysia is also successful with its national policies, particularly the National Transformation Policy which helps reduce poverty nationwide, increase the gross domestic product by 47.7 percent from 2009-2014 and create jobs for some 1.8 million labourers, Najib said.

Regarding economic management, he underscored that Malaysia has been recognised globally as an efficient economic manager, seen through evaluations by international financial organisations such as Fitch Ratings, Moody’s and Standard & Poor.

The country also ranked 12 th in the 2014 Global Competitiveness Report, which assessed the competitiveness landscape of economies worldwide.

A special committee with 10 economic experts was established to map out plans and activities in response to crises, Najib said, assuring that the government will continue to foster benefits for and the happiness of residents.-VNA