Malaysia Economy Remains Resilient

Efficient, vigilant planning and management has helped successfully build Malaysia’s strong economic performance since the 1970s, while transforming the economy from an over dependence on raw materials as well as agriculture, to a relatively high-tech, competitive nation, Bernama reported. The introduction of the National Transformation Program, a 10-year transformation strategy to boost the nation towards a high-income status by 2020, has further strengthened Malaysia’s economy and delivered numerous success stories that are the envy of many nations. Not only that, the implementation of social programs that focused on creating opportunities for entrepreneurship to support the people in increasing their income, as well as prudent fiscal position management by the government, has kept the economy resilient. This upward momentum continues, with the economy expanding by 5.8% in the second quarter of this year as compared to 5.6% in the first quarter. Bank Negara Malaysia expects the overall economy to surpass the official estimate of 4.8% growth for 2017.