Subscribe in a reader | Subscribe by Email If we recorded -3.6% growth last year ( source) and aim to achieve more than 5% growth this year, that means an increase of 8.6%. I think very few countries achieved that percentages, among them China and India. Anyway, we pray for the best…
The Economic Planning Unit (EPU) is confident that the country will achieve an economic growth of more than 5% this year based on several positive indicators.
Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop said one of the indicators was the shift from retrenchment to recruitment in the manufacturing sector since July last year.
He said business confidence and consumer spending was also on the uptrend as loan applications rose by 37.4% while approvals were up by 25% until October last year compared with the same period in 2008.
The sales of passenger cars had also showed an increase at 40,569 units up to November last year compared with 36,254 during the same period in 2008.
“The trends are changing and we are confident that 2010 is going to be a good year,” he told a press conference after witnessing the signing of a memorandum of understanding between the Government and the Oxford Business Group on The Report: Malaysia 2010.
EPU director-general Datuk Noriyah Ahmad signed on behalf of the Government while the Oxford Business Group was represented by its country director Laura Herrero.
Nor Mohamed also said the impact of the two stimulus packages rolled out by the Government last year would be seen this year.
The anticipated higher demand for semiconductors due to the rapid expansion of the automative industry in China and India would benefit Malaysia as it is a major producer of electronic chips.
The prices of oil and commodities like palm oil were also on the uptrend and there had also been a rise in tourism activities, he said.
