Economic Growth Will Continue To Sustain On Domestic Support, Says Irwan Serigar

PUTRAJAYA (Malaysia), May 16 (Bernama) -- The Malaysia's economic growth is expected to sustain, driven by domestic demand which would then contribute to higher national income and better standards of living for the people, said Ministry of Finance Secretary-General of Malaysia Dr Mohd Irwan Serigar Abdullah. He said this was not only evident from the rapid 4.2 per cent Gross Domestic Product growth recorded in the first quarter of this year but was also in tandem with the GDP growth of between 4.0 and 4.5 per cent forecast for 2016. Mohd Irwan said domestic demand, domestic consumption and private sector investment would, among others, continue to propel the growth of the Malaysian economy. "The GDP growth is encouraging although the global economy is sluggish and the International Monetary Fund has revised downwards global economic growth forecast figures," he told reporters after officiating the Treasury's Sports Carnival 2016 here Monday. Mohd Irwan also said Malaysia should be proud of the first quarter growth of 4.2 per cent given the backdrop of depressed crude oil prices and slow export offtake. "So, our economic fundamentals are intact and we will go ahead with our development agenda in sectors such as services, manufacturing and construction. Development projects such as the mass rapid transit system, light rail transit system and the Kuala Lumpur–Singapore High Speed Rail projects. "The same with the Pan Borneo Highway. The government will continue with domestic economic development which would in turn boost national economic growth," he added. Mohd Irwan also said Malaysia would also step up exports to India and the Middle East as the Chinese economy was slowing down but China and other countries would remain Malaysia's export markets. --BERNAMA