ID :
151858
Tue, 11/30/2010 - 19:33
Auther :
Shortlink :
https://oananews.org//node/151858
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M'SIA NEEDS TO BE EXTRA VIGILANT IN TRANSFORMATION EFFORTS
KUALA LUMPUR, Nov 30 (Bernama) -- Malaysia needs to be extra vigilant in its
transformation efforts in order not to be left behind, says Second Finance
Minister Ahmad Husni Hanadzlah.
"While the International Monetary Fund's (IMF) expectations for developing Asia
is certainly encouraging, we must not forget the fact that the global economic
environment remains very challenging and that downside risks remain elevated,"
he said.
The IMF expects global growth to be at 4.8 per cent this year, slightly higher
than its July forecast and 4.2 per cent next year.
The nature of the global economy is still sluggish in many advanced
economies against a much more robust recovery in emerging and developing economies.
As most major advanced economies are still struggling with persistently high
unemployment, low confidence and weak private demand, it expects advanced
economies to grow by 2.7 per cent this year before slowing down to 2.2 per cent
next year.
The IMF expects developing Asia to grow by 9.4 per cent this year and 8.4 per
cent next year.
"We also must not forget that as a result of the global economic crisis, the
name of the game among many of our regional neighbours is "economic
transformation.
"The global economic crisis has certainly made such task even more urgent," he
said when opening the National Economic Outlook Conference 2011-2012 Tuesday.
The text of his speech was read out by Deputy Finance Minister Donald Lim Siang
Chai.
Ahmad Husni said Vietnam, for example, was moving ahead strongly and is becoming
more competitive.
The Malaysian economy, underpinned by resilient domestic demand,
particularly private expenditure, continues to grow at a healthy pace, said the
minister.
It is expected to grow at seven per cent this year and between five and six per
cent next year, he said.
"We expect the growth to be broad-based led by strong expansion in the
manufacturing and services sectors. Prices are expected to be stable, with
inflation below three per cent," he added.
transformation efforts in order not to be left behind, says Second Finance
Minister Ahmad Husni Hanadzlah.
"While the International Monetary Fund's (IMF) expectations for developing Asia
is certainly encouraging, we must not forget the fact that the global economic
environment remains very challenging and that downside risks remain elevated,"
he said.
The IMF expects global growth to be at 4.8 per cent this year, slightly higher
than its July forecast and 4.2 per cent next year.
The nature of the global economy is still sluggish in many advanced
economies against a much more robust recovery in emerging and developing economies.
As most major advanced economies are still struggling with persistently high
unemployment, low confidence and weak private demand, it expects advanced
economies to grow by 2.7 per cent this year before slowing down to 2.2 per cent
next year.
The IMF expects developing Asia to grow by 9.4 per cent this year and 8.4 per
cent next year.
"We also must not forget that as a result of the global economic crisis, the
name of the game among many of our regional neighbours is "economic
transformation.
"The global economic crisis has certainly made such task even more urgent," he
said when opening the National Economic Outlook Conference 2011-2012 Tuesday.
The text of his speech was read out by Deputy Finance Minister Donald Lim Siang
Chai.
Ahmad Husni said Vietnam, for example, was moving ahead strongly and is becoming
more competitive.
The Malaysian economy, underpinned by resilient domestic demand,
particularly private expenditure, continues to grow at a healthy pace, said the
minister.
It is expected to grow at seven per cent this year and between five and six per
cent next year, he said.
"We expect the growth to be broad-based led by strong expansion in the
manufacturing and services sectors. Prices are expected to be stable, with
inflation below three per cent," he added.
