Report: ETP Provides boost to malaysia's gross domestic product growth

11 Oct 2014 / 00:26 H.

KUALA LUMPUR: Since the implementation of the Economic Transformation Programme (ETP), Malaysia's real Gross Domestic Product (GDP) grew at a steady annual average rate of 5.8%.
"Growth driven by private sector investment increased 18.6% from 2009 to 2013," said the Finance Ministry in the 2014/2015 Economic Report released here today.
The report was issued in conjunction with the tabling of Budget 2015 in Parliament today by Prime Minister Datuk Seri Najib Abdul Razak, who is also Finance Minister.
The philosophy of "People First Performance Now" and the National Transformation Policy initiatives, including the ETP, the Government Transformation Programme (GTP) and the Community Transformation Programme (CTP), provide further impetus to Malaysia in achieving the goals of high income and inclusive growth.
The ministry in the report said the ETP is also aimed at drawing private investment into sectors that have potential for high returns and job creation, that will spur the capital economy.
The report also revealed that in 2013, private investment accounted for 60.5 per cent of total investment. The strong growth in investment created 1.3 million employment opportunities by end-2013.
Meanwhile, Gross Net Income (GNI) per capita increased to US$10,060 in 2013 from US$7,059 in 2009, placing Malaysia on track to achieve the US$15,000 target of high income by 2020.
The high-income status, inclusive growth and shared prosperity are key priorities of the government and in this regard, it has relentlessly pursued policy measures to grow and balance the capital economy and the people's economy.
"The ETP and the 10th Malaysia Plan development projects are expected to contribute to GNI.
"The philosophy of 'People First Performance Now', GTP and the National Blue Ocean Strategy (NBOS), will broaden the benefits of growth.
"These include improvements in public safety and security, household income and consumption, social safety nets and provision of essential services, that will enhance the people's well-being and happiness," the report said. – Bernama

thesundaily_my Sentifi Top 10 talked about stocks