Awang: M’sia can meet growth target
KUALA LUMPUR: Malaysia can easily achieve the gross domestic product (GDP) growth target of 4.5% to 5% for this year and may even exceed the 5% target, said Deputy Finance Minister Datuk Dr Awang Adek Hussin.
He said more than 5% could be achieved judging from the growth pattern the country had seen in the first three quarters of the year.
He said that growth for the first nine months ended Sept 30 was 5.3%, adding that the economy only needed to achieve 4.1% growth in the fourth quarter to achieve the Government’s full-year target.
“There is a strong likelihood that growth this year will be in excess of the 5% target,” Awang told the media after the opening ceremony of the third AMAN Union Annual Meeting.
However, he said there were no plans at the moment to raise the full-year growth target.
Malaysia’s GDP for the third quarter increased 5.2% year-on-year, supported by domestic demand and investment activities. The result exceeded economists’ median expectations of 4.8%. However, the figure was lower versus the 5.6% growth achieved in the second quarter because of a challenging global environment.
On guarantee and export credit insurance, Awang said RM2.82mil in business transactions in 2011 was relatively small compared with over RM1 trillion in international trade volume.
“With credit insurance and retakaful schemes we are able to mitigate risks for investments in new and unfamiliar markets,” he added.
Source : The Star
Date : 22 November 2012
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