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Najib: 2% – 3% growth forecast for 2010

KUALA LUMPUR, 23 Oct 2009: The country’s economy is expected to expand between 2% and 3% next year with all sectors of the economy projected to record positive growth, Prime Minister Datuk Seri Najib Razak said today.

Najib, who is also Finance Minister, said the mining sector was forecast to achieve a 1.1% growth, manufacturing 1.7%, agriculture 2.5%, construction 3.2% and the services sector, remaining the main driver, 3.6%.

Economic growth would be supported by private consumption at 2.9% and private investment recovering 3.4%, he said when tabling the Budget 2010 in the Dewan Rakyat.

In addition, he said, the rebound in exports at 3.5% was expected to contribute towards economic growth.

He said inflation remained low, between 1.5% and 2.5%, and unemployment at below 4%.

Per capita income was projected to increase 2.5% to RM24,661 and income in terms of purchasing power parity to US$13,177.

On the development of the two economic stimulus packages totalling RM67 billion launched in November 2008 and March 2009, he said more than 48,000 projects were completed and almost 40,000 projects were being implemented as at 16 Oct last year.

Najib said the implementation of the packages was on schedule and had prevented the economy from sliding into a deeper recession.

“These stimulus packages are among the biggest and comprehensive in terms of value and coverage compared with other countries,” he said.

Malaysia, he said, now had to shift to a new economic model based on innovation, creativity and high-value added activities in order to remain relevant in a competitive global economy.

The prime minister said innovation was an important national agenda and the government would transform the country through a comprehensive innovation process.

This comprised innovation in public and private sector governance, and societal, urban, rural, corporate, industrial, education, healthcare, transport, social safety net and branding innovation.

Part of the innovation initiative was being implemented through measures such as the 1Malaysia concept, National Key Results Area, Key Performance Indicators and a new economic model.

“The government is committed and serious in undertaking total innovation to elevate the nation to a more advanced economy. Innovation Leadership for 1United, Innovative Malaysia,” he said. — Bernama

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