Categories: Asia Pacific

NCCIM: Malaysian Economy to Retain Growth Momentum

OHOR BARU: Malaysia is expected to retain its growth momentum and expand at more than five per cent this year although faced with an uncertain global economic climate, said the National Council of Commerce and Industry Malaysia (NCCIM).

Its Secretary General Datuk Syed Hussien Al-Habshee said the implementation of projects under the Economic Transformation Programme (ETP) will help to drive the country’s economy forward and retain its growth at more than five per cent this year.

“The confidence level of the business sector and consumers towards the country’s economy this year would also continue to be high,” he told Bernama in an interview.
Syed Hussien, who is also former Ambassador of Malaysia to United Arab Emirates (UAE), said the government led by Prime Minister Datuk Seri Najib Tun Razak had also managed the Malaysian economy successfully.

“Although faced with steep challenges following the Eurozone financial problems and the market uncertainty in the United States, the government has managed the economy well.”

The economy grew at a 5.1 per cent rate in 2011 despite the worsening external economic conditions. It had recorded a 7.2 per cent growth the previous year.

Syed Hussien said the country’s total trade last year saw a record figure, hitting RM1.3 trillion, while trade surplus grew 9.4 per cent worth RM120 billion.

“All this contributed positively to the economy,” he said.

He also said that Malaysia could have seen an even higher growth if the world economy had not been burdened with the Eurozone problem and a slowdown in the US economy.

Syed Hussien also said that NCCIM would be organising a roundtable forum to discuss specific economic issues and the challenges posed by them this April 16 at the Mutiara Crowne Plaza here.

Former prime minister Tun Dr Mahatir Mohamad is expected to chair the event, which is to be attended by 120 leading local business figures. — BERNAMA

CFI

Recent Posts

Fortress Europe? Navigating the Perils of a Global Trade War

As global trade tensions escalate, Europe finds itself in a precarious position. Caught between competing…

2 days ago

Kathrein Privatbank: Innovating Private Banking with Digitalisation, Sustainable Investing, and Regional Expansion

For over a century, Kathrein Privatbank has remained a benchmark for private banking excellence in…

1 week ago

La Trobe Financial: Unpacking the Rise of Private Markets and Private Credit

Private markets—particularly private credit—have experienced a marked surge in investor interest in recent years. Though…

2 weeks ago

Young Guns: How Business Prodigies are Rewriting the Rules of Success

Forget grey hairs and decades of experience. A new generation of entrepreneurs is proving that…

2 weeks ago

Dough-ing a 180: How Domino’s Pizza Reclaimed Its Slice of the Pie

Once dismissed as the punchline of the fast-food industry, Domino’s Pizza has since orchestrated one…

3 weeks ago

Best Buy’s Blue-Shirt Renaissance: How It Fought Back Against Amazon

Once teetering on the brink of collapse in the face of Amazon’s relentless rise, Best…

3 weeks ago