Govt optimistic of 4.5-5.5 pct GDP growth this year

by **Cals** Tue 20 May 2014, 00:11

Business & Markets 2014

Written by Bernama

Monday, 19 May 2014 19:18

KUALA LUMPUR (May 19): The government is optimistic of achieving its initial forecast gross domestic product (GDP) growth this year of between
4.5 and 5.5 per cent, Minister in the Prime Minister's Department, Datuk Seri Abdul Wahid Omar, said.

Bank Negara Malaysia Governor, Tan Sri Dr Zeti Akhtar Aziz, announced on Friday that Malaysia's GDP expanded 6.2 per cent in the first quarter of 2014, from a growth of 4.2 per cent in the same period last year, anchored by domestic demand and a turnaround in net exports.

Abdul Wahid said, it is important that Malaysia continues the momentum moving forward, and be mindful of external uncertainties.

"We are also in the midst of developing the 11th Malaysia Plan, for the years from 2016 to 2020, in the hope that it will help boost our economic landscape and complement GDP growth, and we are looking ahead, beyond 2020," he told reporters at the "Beyond GDP: Transitioning into Sustainability" forum, here today.

He said that Malaysia will continue to seek other measures of economic and national growth beyond GDP, in response to the unprecedented opportunities and challenges the country faces in the 21st century.

"We realise that when talking about the prosperity of a nation, the focus has always been on economic growth and less attention is given to the people's well-being," Abdul Wahid said.

In order to measure improvements in our standard of living, the Malaysia Quality of Life Index and the new Malaysian Well-being Index have been
introduced as indicators beyond national income, he said.

"Over time, with support from international bodies, we hope to be able to come up with an international benchmark," he added.