Malaysia: It's now 7% GDP comes 2011

Malaysia’s economy is likely to grow by seven per cent in 2011 based on the improving world economic condition. This was the opinion of Ahmad Husni Hanadzlah, the second finance minister.

Ahmad Husni also indicated his optimism that the target of five per cent growth for this year could be achieved.

Ahmad Husni said although the World Bank had forecast 4.7 per cent growth for Malaysia this year, the government had set a higher target of five per cent.

“To achieve the target (five per cent), the government undertook a study and one of the initiatives is to increase local demand to galvanise the economy,” he told reporters after launching a Seminar on Jihad Business at Universiti Malaysia Sabah today.

He said the government would also fast-track the implementation of the development projects.

“Projects in the pipeline will be brought forward for implementation. The ministry will also try and speed up the tendering process of the earmarked projects.

“We believe that with the increased level of efficiency, we will achieve the target,” he said. Ahmad Husni said the government would continue to prioritise certain sectors, particularly the tourism industry, which was not clearly affected by the recent economic downturn.

In this respect, he said, health tourism would play an important role to attain the desired result. He said this was in line with Prime Minister Datuk Seri Najib Razak’s 1 Malaysia concept and his vision to transform the country from agriculture-based to manufacturing or high-performance economy.