3% growth not good enough, Najib wants 5%
Published: Nov 13, 2009 4:00 AM | Updated: Nov 13, 2009 4:02 AM
Prime Minister Najib Abdul Razak said today that he wants five percent growth next year, higher than an official 3 percent forecast.
Prime Minister Najib Abdul Razak said today that he wants five percent growth next year, higher than an official 3 percent forecast.
"Next year if you ask me without the stimulus package we will not get three percent. But having said that, we are likely to get three percent.
“I'm not happy with three percent - I want two more percent next year and beyond," said Najib, who is also finance minister, at the Asia Pacific Economic Cooperation (Apec) summit in Singapore.
Second Finance Minister Husni Hanadzlah was earlier reported to have said that the gross domestic product (GDP) is expected to be revised upward next year from the 2 to 3 percent that was projected earlier.
Husni said the higher growth could be achieved with the help of the private sector particularly the government-linked companies.
"We are conducting a study on this and will know the results within one month," he told reporters after attending the Apec ministerial meeting yesterday.
Malaysia, which is Asia's third most trade dependent economy, recently revised upwards its 2009 economic forecasts to a minus 3 percent this year although recent export and industrial output data has lagged the region.
Both exports and industrial output in September fell by larger-than-expected amounts. Exports fell by 24.2 percent while industrial output fell by 6 percent.
Focus on domestic growth
According to central bank governor Zeti Akhtar Aziz, the country’s monetary policy will remain focused on domestic growth.
"The monetary policy now will continue to be focused on supporting domestic demand. What the central bank looks for is orderly market conditions," she told reporters on the sidelines of the Apec meeting.
Speaking about third quarter GDP growth, she said: "Definitely it is a significant improvement from the second quarter, and the fourth quarter we have a very high degree (of confidence) it's going to be positive."
Meanwhile , the government will begin to introduce revised fuel subsidies by the end of the second quarter next year, said Ahmad Husni.
"We will start doing that towards the end of second quarter of next year," the second finance
minister told reporters in reply to a question on when the revised fuel system subsidies would be introduced.
He however did not give details.
- Reuters
"Next year if you ask me without the stimulus package we will not get three percent. But having said that, we are likely to get three percent.
“I'm not happy with three percent - I want two more percent next year and beyond," said Najib, who is also finance minister, at the Asia Pacific Economic Cooperation (Apec) summit in Singapore.
Second Finance Minister Husni Hanadzlah was earlier reported to have said that the gross domestic product (GDP) is expected to be revised upward next year from the 2 to 3 percent that was projected earlier.
Husni said the higher growth could be achieved with the help of the private sector particularly the government-linked companies.
"We are conducting a study on this and will know the results within one month," he told reporters after attending the Apec ministerial meeting yesterday.
Malaysia, which is Asia's third most trade dependent economy, recently revised upwards its 2009 economic forecasts to a minus 3 percent this year although recent export and industrial output data has lagged the region.
Both exports and industrial output in September fell by larger-than-expected amounts. Exports fell by 24.2 percent while industrial output fell by 6 percent.
Focus on domestic growth
According to central bank governor Zeti Akhtar Aziz, the country’s monetary policy will remain focused on domestic growth.
"The monetary policy now will continue to be focused on supporting domestic demand. What the central bank looks for is orderly market conditions," she told reporters on the sidelines of the Apec meeting.
Speaking about third quarter GDP growth, she said: "Definitely it is a significant improvement from the second quarter, and the fourth quarter we have a very high degree (of confidence) it's going to be positive."
Meanwhile , the government will begin to introduce revised fuel subsidies by the end of the second quarter next year, said Ahmad Husni.
"We will start doing that towards the end of second quarter of next year," the second finance
minister told reporters in reply to a question on when the revised fuel system subsidies would be introduced.
He however did not give details.
- Reuters
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