ASEAN KEY DESTINATIONS
Malaysia foresees 5-6 percent growth
Malaysia will be able to achieve economic growth of 5 to 6 percent in 2012 and cut its fiscal deficit further as strong domestic demand and commodities exports cushion the impact of a global downturn, the government forecast on Friday.
Authorities will trim development spending and maintain subsidies to keep prices down, while banking on low borrowing costs and a healthy job market to keep economic growth on an even keel next year.
'For 2012, gross domestic product (GDP) growth in Malaysia will be largely domestic-driven, due to heightened uncertainties in the global economy,' the government said in its annual economic forecast.
'While the outlook for 2012 is affected by the increasingly adverse external environment, strong economic fundamentals coupled with pragmatic macroeconomic policies and implementation of the Economic Transformation Programme will enhance domestic sources of growth.' The Economic Transformation Programme is a government blueprint to draw US$444 billion (S$575 billion) in mainly private investments into key sectors such as services and oil and gas.
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