Published: Friday November 13, 2009 MYT 12:08:00 PM
Updated: Friday November 13, 2009 MYT 12:37:45 PM

Malaysia's growth to be more than 2 or 3% post-2010 period

SINGAPORE: Malaysia's growth rate is expected to be more than two or three per cent in post-2010 period, says Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.

Looking at current developments in the global economy which showed increasingly positive signs of economic recovery, the government will review the post-2010 growth rate next month, he said.

Speaking to reporters after attending the Asia-Pacific Economic Cooperation (Apec) Finance Ministers' Meeting (FMM) here, he said the International Monetary Fund (IMF) in its economic forecast report had said that the world's gross domestic product could increase close to three per cent next year.

The government expects the growth rate this year to dwindle up to -3.0 per cent negative growth.

When the 20l0 Budget was tabled in Parliament on Oct 23, the growth rate was projected to be between 2.0 and 3.0 per cent.

Husni said he was confident Malaysia's growth rate will rise by two fold in the next 10 years if serious efforts were made to stimulate economic activities.

On the FMM, he said, they discussed various issues that could bring about major changes to the world economy, green technology and seriousness of Apec members to overcome the world economic crisis.

In this context, Husni urged Bumiputera entrepreneurs and traders to mend their ways of doing business if they wanted to succeed in the increasingly open and competitive global market.

He asked them to take several steps such as analysing their products with regard to production, quality and pricing, seeking new markets like China, India and West Asia as well as restructuring product manufacturing to be more creative, value-added and of better quality. - Bernama

For more on APEC from The Straits Times, a partner with The Star in the Asia News Network, click here.

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