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Wednesday, April 02, 2008

Bank Negara projects 5-6pc growth this year

Bank Negara assumed 5-6% growth for the Malaysian economy despite US economy slowdown is severe. According to the statistic, Bank Negara expect the economy will follow the last year trend of 6.3%

''the Malaysian economy performed well amid similar global uncertainties last year. It remains resilient this year, supported by steady growth in income, firm labour market conditions, diversified exports, high commodity prices and a conducive financing environment.''

Malaysia government will be responded to the inflation's forecast of 2.5%-3% in order to achieve greater efficiency. There will be adjustment in subsidies, although it should be done gradually, I think it is not appropriate to reduce the subsidies. There should be no reduction in subsidied!! The lower income group will be affected and get frustrated. They will not agree with the price increase in any consumer goods, the government should be aware of this matter seriously as they can't survive without the government subsisdies.

''"We have the capacity and the capability, with these measures at our disposal, to implement and support a steady growth path for our economy," Zeti said, adding that the packages will be announced only when the need arises.''

What the government expectations in the growth of economy divided by sector.

  • Construction sector: 5.5%
  • agriculture: 3.4%;
  • Mining and quarrying: 6%;
  • Manufacturing: 1.8%.
Other government expectation;
  • FDI(foreign direct investment will continue its prosperity.
  • Islamic Bond Market or Sukuk will growth excitingly.
As at 2nd April 2008, the ringgit is RM3.19 to US$1.

Read the full story here.

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