PUTRAJAYA: The Malaysian economy is well-diversified in terms of sources of growth and revenue owing to the economic, financial and fiscal reforms undertaken thus far by the government.
Prime Minister Datuk Seri Najib Razak said the measures taken has resulted into a more robust economy which is able to withstand global and domestic challenges.
"In the first quarter 2017, the economy grew by 5.6 per cent, well beyond expectations, clocking in the fastest pace in two years. Domestic demand continued to anchor growth supported mainly by private consumption which expanded at a faster pace of 6.6 per cent while private investment surged to 12.9 per cent.
"FDI rose to RM17 billion during the first quarter of 2017 and was mainly into the services, mining and manufacturing sectors. We are also seeing huge and significant achievements in terms of foreign policy initiatives which led to higher investments this year and years to come.
"Due to Malaysia's strength and improved global outlook, our economy is on track to register higher growth of between 4.3 per cent and 4.8 per cent. Personally, I would like it if we can work towards a 5 per cent target growth," he said during his opening keynote speech at the 2018 Budget Consultation meeting today.
The Budget meet was to gather and collate all proposals and recommendations to be considered in the upcoming Budget 2018 presentation to be held on October 27, 2017.
Among the issues expected to make the priority list include transportation, housing, cost of living, digital economy as well as innovation and inclusive economy that encompasses all levels and demographics of the rakyat.
Other issues to be discussed would be on macro, sectoral and social issues as part of a continuous process towards preparing the 2018 Budget and a series of focus group meetings to delve deeper into the issues raised and recommendations made.