Posted on 04 Aug 2010
Malaysia is expected to register a high single digit growth for the second quarter of this year, Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop said yesterday.
He said the indicators like improvements in trade, import and export were strong and showed a positive momentum, and this would lead the country to achieve the target. “The second quarter will be good and the momentum seems to be good. We are expecting a single high digit growth for the second quarter,” he told reporters after opening the 21st National Real Estate Convention 2010.
Asked whether the Government would revise its 6% growth target for this year, Nor Mohamed said: “If there is a need, we will consider revising the gross domestic product (GDP).” He was confident that the target would be achieved.
Earlier in his keynote address, Nor Mohamed said Malaysia’s goal in achieving high income status by 2020 required the nation to achieve real GDP growth of 6% per annum during the 10th Malaysia Plan (10MP) period, with the gross national income per capita at RM38,850, or US$12,140, in 2015.
He said a key challenge in achieving this growth target was the need to stimulate private sector investment to expand by 12.8%per annum, or an investment of some RM115bil per annum.
He said the 10MP focused on several major initiatives to facilitate the private sector to become more vibrant, competitive, dynamic and effective in its role to position Malaysia to achieve the required growth target envisaged in the plan.
He said one of the key policy strategies in the plan was to enhance the liveability of cities. “Looking back over the past few decades, increase in income of Malaysians has been accompanied by increasing urbanisation as population tends to cluster in cities to seek economic opportunities,” he said.
Presently, 67% of the Malaysian population live in urban areas and this percentage is expected to increase to 70% by 2020.
“To cater to the increasing population density, we will focus on the development of urban areas to ensure they are vibrant and liveable, complete with the necessary infrastructure and facilities,” he said.
Nor Mohamed said liveability of cities was an important driver in positioning cities to effectively compete and attract highly-skilled talent and international businesses to be based here.
