Malaysia capable of achieving GDP of RM2 trillion by 2022


Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin(pic) said the country was on the right track to achieving the target based on its strong economic position.

PETALING JAYA: Malaysia is capable of achieving a gross domestic product (GDP) of RM2 trillion by 2022 if the annual growth rate is maintained at between five and six per cent, said the Department of Statistics.

Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said the country was on the right track to achieving the target based on its strong economic position.

“With the ongoing efforts, we hope to achieve RM2 trillion GDP by 2022,” he told reporters after giving a briefing on the country's economic statistics for full year and fourth quarter of 2017, here yesterday.

He said factors which contributed to the nation's economic growth included the government's focus on the digital economy, innovation and creativity, as well as emphasis on getting a more substantial contribution from the small and medium enterprises business segment.

Mohd Uzir said Malaysia's GDP rose to RM1.35 trillion in 2017 from RM1.23 trillion in 2016, adding, it is expected to increase to almost RM1.5 trillion this year based on the current favourable environment, the continuous inflow of foreign investments and execution of major infrastructure projects.

“These infrastructure projects may have a spillover effect, generating activities such as services, delivery and communications,” he added.

Mohd Uzir said the nation's economy was projected to grow at a rate of between 5% and 5.5% this year, supported by growth in external trade and domestic usage.

Exports are also expected to grow to RM948.7bil from RM917.5bil in 2017, while imports was expected to improve to RM851.7bil from RM822.9bil.

He said inflation was also expected to contract to between 3% and 3.5% compared with 3.6% previously, with the unemployment rate to remain stable at around 3.4%.

Mohd Uzir said the increase in the overseas spending rate was proof of the rise in disposable income among the people.

“Last year, Malaysians had spent RM45bil for overseas trips, including pilgrimages, compared with RM39bil in the preceding year,” he added.

Mohd Uzir said the government's efforts at attracting quality and value-added investments would also help expand the job market for skilled workers and increased wages.

As of last year, Malaysia's workforce comprised skilled workers (27.2%), semi-skilled workers (59.2%) and low-skilled workers (13.6%). — Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

   

Next In Business News

FOREX-Dollar rally pauses as investors take stock of inflation anxiety
Jack Ma’s Ant Posted $3.4 Billion Profit After IPO Halt Lulu Yilun Chen
US judge dismisses advertisers' antitrust claims against Google
Bitcoin drops after report Binance under US probe, Tesla move
Euro zone growth outlook still modest, inflation to lag US
US will not leave Australia alone to face China economic coercion
Dogecoin pops after Musk tweets about 'promising' system improvements (Update)
US seizes shipment from Malaysia's Top Glove over forced labour concerns
Disney's streaming growth slows as pandemic lift fades, shares fall
Oil drops 3% on India's COVID-19 crisis

Stories You'll Enjoy


Vouchers