ID :
183076
Thu, 05/19/2011 - 08:25
Auther :
Shortlink :
https://oananews.org//node/183076
The shortlink copeid
MALAYSIA ON TRACK TO ACHIEVE GDP GROWTH TARGET FOR 2011
KUALA LUMPUR, May 19 (Bernama) -- Malaysia is on track to achieve the 5.5 to
6.0 per cent Gross Domestic Product (GDP) growth target for this year, despite
the modest 4.6 per cent achieved in the first quarter, said Second Finance
Minister Ahmad Husni Hanadzlah
"We can achieve the growth forecast for this year. We believe the
second quarter will be better and also towards the end," he said, when asked to
comment on the GDP growth for this year.
He also said at the same time, the commitment with regards to private
investment is huge, but will take some time to be implemented.
Ahmad Husni was speaking after officially opening the 15th Malaysian Banking
Summit, here today.
Last year, Malaysia recorded a GDP growth of 7.2 per cent and a moderate
4.8 per cent in the final quarter of the year.
Earlier in his keynote address, Ahmad Husni said the Malaysian financial
services industry's contribution to the GDP was RM65 billion or 6.1 per cent
last year, with total loans and advances in the banking system increasing by
more than 12 per cent.
He said together with strong capitalisation, profitability, liquidity and
asset quality, the banking system is maintaining its promising outlook and
continues in 2011 to provide more than half of gross financing raised by the
private sector.
He added the government is confident that the financial services industry
will be one of the leading growth areas to propel the country towards a high
income status economy.
Looking forward to the year 2020, Ahmad Husni said the Malaysian financial
services industry is expected to contribute 10.0 per cent of Gross National
Income (GNI), offering 562,000 positions of employment or twice the total in
2010.
"We want to see a banking system that is inclusive, that understands the
needs of the average consumer, small and medium sized companies
and low-income families, while attending to the needs of manufacturers, big
corporations and rich families.
"We would like to see a banking system that supports and complements the
government's efforts to increase the nation's income levels right across the
board," he added.
6.0 per cent Gross Domestic Product (GDP) growth target for this year, despite
the modest 4.6 per cent achieved in the first quarter, said Second Finance
Minister Ahmad Husni Hanadzlah
"We can achieve the growth forecast for this year. We believe the
second quarter will be better and also towards the end," he said, when asked to
comment on the GDP growth for this year.
He also said at the same time, the commitment with regards to private
investment is huge, but will take some time to be implemented.
Ahmad Husni was speaking after officially opening the 15th Malaysian Banking
Summit, here today.
Last year, Malaysia recorded a GDP growth of 7.2 per cent and a moderate
4.8 per cent in the final quarter of the year.
Earlier in his keynote address, Ahmad Husni said the Malaysian financial
services industry's contribution to the GDP was RM65 billion or 6.1 per cent
last year, with total loans and advances in the banking system increasing by
more than 12 per cent.
He said together with strong capitalisation, profitability, liquidity and
asset quality, the banking system is maintaining its promising outlook and
continues in 2011 to provide more than half of gross financing raised by the
private sector.
He added the government is confident that the financial services industry
will be one of the leading growth areas to propel the country towards a high
income status economy.
Looking forward to the year 2020, Ahmad Husni said the Malaysian financial
services industry is expected to contribute 10.0 per cent of Gross National
Income (GNI), offering 562,000 positions of employment or twice the total in
2010.
"We want to see a banking system that is inclusive, that understands the
needs of the average consumer, small and medium sized companies
and low-income families, while attending to the needs of manufacturers, big
corporations and rich families.
"We would like to see a banking system that supports and complements the
government's efforts to increase the nation's income levels right across the
board," he added.
