Malaysia targets GDP growth of 4.5-5.5pct per annum until 2025

28-Sep-2021 Intellasia | Reuters | 5:02 AM Print This Post

Malaysia is targeting economic growth of 4.5 percent to 5.5 percent per annum between 2021 and 2025 as it recovers from the impact of the COVID-19 pandemic, prime minister Ismail Sabri Yaakob said on Monday.

Malaysia’s export-driven economy has taken a hit from the pandemic. The central bank slashed its full-year growth forecast to 3.0%-4.0 percent from 6-7.5 percent last month the second cut this year.

The Southeast Asian nation’s financial position is also expected to improve in 2023 as the economy strengthens, the premier said in parliament, while launching Malaysia’s five-year economic plan until 2025 called the 12th Malaysia plan.

The government will spend 400 billion ringgit ($95.53 billion) on existing and new development projects between 2021 and 2025, compared with 260 billion ringgit in the 11th Malaysia plan, Ismail Sabri said.

Malaysia is now expected to become a high income, high tech nation by 2025, he said.

($1 = 4.1870 ringgit)

https://www.reuters.com/world/asia-pacific/malaysia-targets-gdp-growth-45-55-per-annum-until-2025-pm-2021-09-27/

 

Category: Malaysia

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