MALAYSIA has revised upwards its forecast for this year’s growth to between 5.5 and 6.0 per cent, following impressive growth in the first half of the year.
Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said the earlier gross domestic product (GDP) growth projection for this year was between 5.0 and 5.5 per cent.
Malaysia recorded GDP growth of 6.2 per cent in the first quarter and 6.4 per cent in the second quarter.
“Taking into account the growth figures for the first half of this year, which was 6.3 per cent on average, the government believes that we will be able to achieve higher growth for the whole of 2014. We, therefore, have revised this year’s rate to between 5.5 and 6.0 per cent,” he said after opening the Pasir Salak Umno delegates’ meeting in Kampung Gajah, near here, yesterday.
He attributed the impressive growth in the first half to the government’s Economic Transformation Programme.
“We hope the growth will continue as the International Monetary Fund has projected better global growth next year.”
On the 2015 Budget to be tabled next month, Ahmad Husni said the government is fine-tuning it.
He said the budget will continue the agenda of strengthening the economy.
“An area which the government is focusing on is the upscaling of workers, so that the workforce can move into the higher-income bracket.”
Ahmad Husni said private investment, private consumption, fiscal growth, cost of living, managing expenses and reducing the income gap between the rich and poor will be addressed in the budget.
He also said the government aims to bring down the budget deficit to three per cent next year while maintaining sustainable growth.