Govt confident of maintaining growth momentum

by **Cals** Mon 18 Nov 2013, 08:57

Published: Monday November 18, 2013 MYT 12:00:00 AM
Updated: Monday November 18, 2013 MYT 7:53:00 AM
Govt confident of maintaining growth momentum
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Wahid: ‘We have seen rapid economic growth in the third quarter which was fuelled by the increase in the nation’s exports.’"

SEPANG: The Government is confident the country’s economic growth momentum will be maintained until the year-end in line with its target of achieving between 4.5% and 5% growth.
Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar said that the confidence was due to the 5% increase in the gross domestic product (GDP) growth registered in the third quarter of the year compared with the previous quarter.
“We have seen rapid economic growth in the third quarter which was fuelled by the increase in the nation’s exports,” he said.
He said the better balance of payments position also helped boost growth. In the third quarter, the current account surplus rose to RM9.8bil against RM8.7bil in the first quarter and RM2.6bil in the second quarter, he said.
The second-quarter contraction, Wahid said, was due to concerns expressed by analysts and economists that Malaysia may be facing a deficit in its current account.
“Yet, as I said before, we were sure this will not happen and it was proven in the third quarter as the current account surplus expanded to RM9.8bil,” he said. “This is a comfortable position and in tandem with our target.”
Asked if the country’s exports would be affected by the recent typhoon in the Philippines, Wahid said the impact on Malaysia would be minimal..
“A quarter of Malaysia’s trade is with Asian countries especially Singapore, Indonesia and Thailand; our trade with the Philippines is nominal,” he said. — Bernama