Malaysia’s GDP can record 5% or higher this year

Treasury also expects to see the ringgit strengthening.

CYBERJAYA: The Malaysian economy can record 5% or more gross domestic product (GDP) growth this year, based on the country’s first-half performance, said Treasury secretary-general Mohd Irwan Serigar Abdullah.
“The country’s economy is performing well, and I personally think we can achieve 5% or more in GDP growth, backed by the strengthening economic environment, the increase in exports and investments, and job creation.
“We also see the oil price stabilising at between RM202 and RM215 per barrel, and I think the ringgit will be getting better,” he said, commenting on a recent Bloomberg 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% growth during the first quarter of this year, boosted by strong domestic demand and private expenditure.

Serigar, who is also chairman of the Malaysian Global Innovation & Creativity Centre (MaGIC), was speaking to reporters after launching MaGIC’s Global Accelerator Programme here today.
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, Serigar 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 Najib 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%, with foreign direct investment rising to RM17 billion.

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