Malaysia expected to exceed 5 per cent GDP growth target

IPOH - The Finance Ministry be­lieves Malaysia can achieve a higher economic growth this year, says Second Finance Minister Datuk Seri Ahmad Husni Hana-dzlah.

He added that the recent an­­nouncement of a gross domestic product (GDP) expansion of 5.2 per cent for the third quarter of this year had exceeded the Government's target of 5 per cent.

"Based on this expansion, Ma­­laysia only needs a 4.1 per cent growth in the fourth quarter of the year to achieve the overall 5 per cent target.

"I am confident we can achieve more than that based on the im­portant role of the private sector in terms of consumption, investment activities and also foreign direct investments.

"We are also experiencing the positive impact of the Prime Minister Datuk Seri Najib Tun Razak's Economic Transforma­tion Plans put into place since 2010," he said after presenting aid to flood victims of Kampung RPT Chepor near here yesterday.

Ahmad Husni said the mining sector was also contributing to growth in the fourth quarter of this year.

"During the third quarter, a petroleum and natural gas plant in Sarawak was temporarily closed for maintenance.

"Once it is up and running, it will bring further contribution to the industry and the economy.

"All these factors show that Malaysia will be able to achieve a higher rate of growth," he added.

Ahmad Husni also said the Bud­­­get 2013 had forecast a growth rate of 4.5 per cent to 5.5 per cent for next year.

"This is a realistic outlook based on this year's economic growth rates," he added.