KUALA LUMPUR, Aug 30 — A growing Malaysian economy at a time of regional and global economic uncertainty is one of the key indicators that the country’s economy is still on the right and solid track, said Datuk Seri Najib Razak.
The Prime Minister said this was among the five leading economic indicators which backed up that fact.
For example, he said, last year the economy grew at a rate of six per cent and this year it is expected to achieve five per cent.
“Unlike in 1998, during the Asian economic crisis, when our economy contracted by negative seven per cent,” he said in a National Day 2015 Message at the Kuala Lumpur Convention Centre here tonight.
The Prime Minister said the second indicator was that the economic fundamentals were stronger today because Malaysia had learnt from the effects of the 1998 crisis.
“An example is that the government’s fiscal deficit reduced from negative 6.7 per cent in 2009 to 3.2 per cent this year.
“Hence, the banking and financial system continues to have strong capitalisation and ample liquidity. The rate of non-performing loans and inflation are low and manageable,” he said before an audience of nearly 3,000 people representing various segments of society at the Plenary Hall of the KLCC.
The National Day 2015 Message by the Prime Minister was broadcast live nationwide by TV1 of Radio Television Malaysia (RTM). The National Day Message event for the second year running was organised by the Communications and Multimedia Ministry through the Malaysian National News Agency (Bernama).
In a speech that lasted for about 40 minutes, Najib said the third indicator was the success of national policies, particularly through the National Transformation Policy, that had led to a decline in the poverty rate, from 49.3 per cent in 1970 to just 0.6 per cent in 2014.
“The Gross Domestic Product increased by 47.7 per cent from 2009 to 2014, while as many as 1.8 million jobs have been created since the launch of the Economic Transformation Programme in 2010,” he said. — Bernama