Malaysian Economy Still Going Strong, Says Minister

TASEK GELUGOR (Penang, Malaysia), March 26 (Bernama) -- Malaysia's economic growth remains strong and is at a comfortable level when compared with that of the global economy, says Minister in the Malaysian Prime Minister's Department Nor Mohamed Yakcop. He said several developed countries showed zero growth or were lagging behind in terms of economic growth. "Each year, we need to make a forecast and the figure is encouraging when compared with other developed countries like the United States and Europe," he told reporters when commenting on economic growth projections made in Central Bank of Malaysia's 2011 annual report released on Wednesday. The central bank projected that the Malaysian economy would grow at a steady four to five per cent this year anchored by resilient domestic demand. It also said private investments would be supported by domestic-oriented industries and the ongoing implementation of projects under the Economic Transformation Programme. Nor Mohamed also said the revised forecast would not hamper Malaysia's aim to becoming a high-income economy. "This is not an issue....we are still capable of attaining developed nation status as we are intelligent enough to use various new ideas to manage the economy," he said. Nor Mohamed also said several plans and strategies, drawn up by the government to raise the socio-economic status of the people, were part of ongoing measures to realise the country's aspiration to become a developed nation. "The 1Malaysia People's Aid will act as a catalyst to spur domestic economy. People will start spending the money hence resulting in a balanced economy," he said. The RM500 one-off payment for households with a monthly income of up to RM3,000 was aimed at helping them cope with the rising cost of living. -- BERNAMA