KUALA LUMPUR (Reuters) – Malaysia can meet its target of 5 per cent economic growth in 2011 despite the US and European debt crises, Prime Minister Najib Razak was quoted on Saturday as saying by the Star newspaper.
Mr Najib, who is also Finance Minister, said the private sector must remain committed in its investments in order for the target to be achieved.
The government had earlier forecast that gross domestic product growth would moderate to 5-6 per cent this year after hitting a 10-year high of 7.2 per cent in 2010.
‘Malaysia is an open economy in which our total external trade is twice our gross domestic product. So whatever happens to the world economy, say if world economic growth is 1 per cent less, the effect is a 0.4 per cent decrease to our GDP,’ Mr Najib said.
Source : Singapore Press