Highlights Of PM Najib's Speech Delivered At The Launch Of The 2016 NTP Annual Report

KUALA LUMPUR, May 24 (Bernama) -- The following are the highlights of the speech by Prime Minister Najib Razak delivered in conjunction with the launch of the National Transformation Programme Annual Report 2016 released Tuesday by the Performance Management Delivery Unit (Pemandu). * Bold measures taken since eight years ago have put Malaysia on a strong economic footing. * The country’s Gross Domestic Product since 2010 has shown an average growth of 5.1 per cent, double the average global economic growth. * The government’s commitment to the National Transformation Programme has enabled the country’s economic fundamentals to remain strong. * The country’s economy expanded at a rate beyond the expectation of the government and World Bank, at 5.6 per cent in the first quarter of 2017. * The government succeeded in reducing the dependency on oil revenue from 41 per cent in 2009 to 14.7 per cent in 2016, with various economic sectors as the nation’s income sources. * The government reduced more than half the fiscal deficit, from 6.7 per cent in 2009 to 3.1 per cent in 2016. * Seven National Key Result Areas have achieved average key performance indicators of 101 per cent in terms of overall achievement. * Malaysia achieved an average key performance indicator of 110 per cent for the National Key Economic Areas. * The National Key Result Areas and National Key Economic Areas could not have been achieved without the Strategic Reform Initiatives as the catalyst that enabled Malaysia to record average key performance indicators of 100 per cent. * Private sector investment activities increased from 55 per cent in 2010 to 67 per cent in 2016. * Total foreign direct investments increased from only US$1.18 billion (RM5.1 billion) in 2009 to US$9.52 billion (RM41 billion) in 2016. (US$1 = RM4.30) * Saudi Aramco’s investments worth RM31 billion this year is the biggest sole foreign direct investment in Malaysia’s history. * Digital Economy is expected to create 60,000 high-income jobs, contributing more than 20 per cent to the country’s Gross Domestic Product. * The government will strive to increase the current economic value and trade of RM1.3 trillion to RM2 trillion by 2025. -- BERNAMA