KUALA LUMPUR - Malaysia can easily achieve the gross domestic product (GDP) growth target of 4.5 per cent to 5 per cent for this year and may even exceed the 5 per cent target, said Deputy Finance Minister Datuk Dr Awang Adek Hussin.
He said more than 5 per cent could be achieved judging from the growth pattern the country had seen in the first three quarters of the year.
He said that growth for the first nine months ended Sept 30 was 5.3 per cent, adding that the economy only needed to achieve 4.1 per cent growth in the fourth quarter to achieve the Government's full-year target.
"There is a strong likelihood that growth this year will be in excess of the 5 per cent target," Awang told the media after the opening ceremony of the third AMAN Union Annual Meeting.
However, he said there were no plans at the moment to raise the full-year growth target.
Malaysia's GDP for the third quarter increased 5.2 per cent year-on-year, supported by domestic demand and investment activities. The result exceeded economists' median expectations of 4.8 per cent. However, the figure was lower versus the 5.6 per cent growth achieved in the second quarter because of a challenging global environment.
On guarantee and export credit insurance, Awang said RM2.82mil in business transactions in 2011 was relatively small compared with over RM1 trillion in international trade volume.
"With credit insurance and retakaful schemes we are able to mitigate risks for investments in new and unfamiliar markets," he added.