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NEWS UPDATES 19 November 2009

Malaysia: Growth seen at 5% in 2010

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Malaysian government has no plans to introduce additional stimulus package but it is confident of achieving a 5 percent economic growth next year, the StarBiz quoted Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop.

He said it was possible to achieve the target and the Government would have to find ways and means to boost the economy.

“We all will have to put our heads together. We have to get the private sector to work with us. We can do it,” he said after the launch of Malaysia Economic Monitor, a bi-annual review of the Malaysian economy by World Bank, Wednesday.

On how growth could be boosted, he said it would be based on domestic sector. “It is not a simple one. One way of doing it is to look at the whole economy. Then, see which sectors can be optimised more in the short term. It is complex but it will be done,” he added.

On the Malaysia Economic Monitor, he said the document would served as useful input as the Government was now formulating the 10th Malaysia Plan and the new economic model.

Nor Mohamed said Malaysia and the World Bank would soon sign a Framework Agreement on Advisory Services that would enable more ministries and agencies to draw in the expertise from the World Bank.

“I would encourage each ministry and agency to exploit the vast potential of this programme and take this opportunity to enhance their research and development capacities.”

Asked when was the right time for exit from the stimulus package, World Bank chief economist for East Asia and Pacific Region, Vikram Nehru, said it would be too early for Malaysia to withdraw its stimulus package now.


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