The Prime Minister, who announced that the gross domestic product (GDP) for the fourth quarter of last year grew by 4.5%, said the country had recovered from the economic crisis.
He said 2010 would be a year to be bullish about as the GDP growth was an indication of better times.
“Barring unforeseen circumstances, we can safely say we have recovered from the crisis and should look forward to strong growth for 2010,” he added.
Good news: Najib getting ready to speak to reporters after announcing the country’s economic performance in Putrajaya Wednesday.
Asked whether the worst was over, Najib replied: “Yes.”
Najib, who is also Finance Minister, was speaking to reporters after announcing Malaysia’s economic performance in the last quarter of last year.
The growth was attributed to the strengthening domestic and external demand.
For the whole of last year, however, the economy contracted by 1.7%, but this was lower than the projected 3% contraction.
The first three quarters of last year saw the economy contracting by 6.2% in the first quarter, 3.9% in second quarter and 1.2% in third quarter.
Najib expressed confidence that this year’s GDP could reach 5%, higher than the 4% projected.
“We will work towards generating confidence, speedy implementation of projects and encouraging the private sector to invest.
“This and with higher consumer confidence, we should make this a good year in terms of our economic performance,” he said.
He pointed out that one of the main reasons why the Government was able to spend RM1bil a month on projects last year was because of a special monitoring unit that made sure all programmes planned under the two stimulus packages were implemented speedily.
“This is one of the reasons why we managed to achieve more than expected in terms of our economic recovery,” he added.
To date, over 113,000 projects under the two stimulus packages have been or are being implemented, involving a total value of RM17bil. Of that, the Government has made payments totalling RM13.9bil.
Source: TheStar
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