Gov't prepared for repeat economic crisis: Mukhriz
Published: Jul 24, 2010 11:00 AM | Updated: Jul 24, 2010 11:01 AM
The encouraging double-digit economic growth achieved in the first quarter this year showed that the government's efforts in facing uncertainties in the global economy have been effective.
The encouraging double-digit economic growth achieved in the first quarter this year showed that the government's efforts in facing uncertainties in the global economy have been effective.
In stating this, Deputy International Trade and Industry Minister Mukhriz Mahathir said the 10.1 per cent growth, which was the best in 10 years, had not made the government complacent.
"The government is always monitoring the global economy and trade, and taking the necessary measures in facing the possibility of double dip recession, with a repeat of the economic crisis," he said in a dialogue with 60 representatives from Kedah Bumiputera industrialists and manufacturers in Sungai Petani today.
"We are not affected by this crisis as we are not involved in the speculative borrowings practised by many US companies," he said.
Fears of double-dip recession
According to Mukhriz, the country's RM67 billion economic stimulus package has focused on the development of infrastructure and helped to save the situation when China also implemented a similar package.
"The result is that we are getting more orders from China and our exports to the country had increased 26 percent in the first six months of this year," he said.
He also said that there were still opportunities for entrepreneurs from Malaysia and China to cooperate further in making products for the European market at competitive prices.
Speaking to reporters later, Mukhriz said among the measures taken in facing the possibility of double dip recession was giving attention to domestic investment and finding investment for specific areas such as solar industry.
"We have prepared the best infrastructure to attract billion ringgit investments, meeting the needs of those keen to invest in areas such as the green industry," he said.
"Even if the double dip recession occurs, we are making preparations so that the country's economy is not jeopardised," he added.
- Bernama
In stating this, Deputy International Trade and Industry Minister Mukhriz Mahathir said the 10.1 per cent growth, which was the best in 10 years, had not made the government complacent."The government is always monitoring the global economy and trade, and taking the necessary measures in facing the possibility of double dip recession, with a repeat of the economic crisis," he said in a dialogue with 60 representatives from Kedah Bumiputera industrialists and manufacturers in Sungai Petani today.
"We are not affected by this crisis as we are not involved in the speculative borrowings practised by many US companies," he said.
Fears of double-dip recession
According to Mukhriz, the country's RM67 billion economic stimulus package has focused on the development of infrastructure and helped to save the situation when China also implemented a similar package.
"The result is that we are getting more orders from China and our exports to the country had increased 26 percent in the first six months of this year," he said.
He also said that there were still opportunities for entrepreneurs from Malaysia and China to cooperate further in making products for the European market at competitive prices.
Speaking to reporters later, Mukhriz said among the measures taken in facing the possibility of double dip recession was giving attention to domestic investment and finding investment for specific areas such as solar industry.
"We have prepared the best infrastructure to attract billion ringgit investments, meeting the needs of those keen to invest in areas such as the green industry," he said.
"Even if the double dip recession occurs, we are making preparations so that the country's economy is not jeopardised," he added.
- Bernama
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