Highlights Of Economic Report 2014/2015

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KUALA LUMPUR, Oct 10 (Bernama) — Following are highlights of the 2014/2015 Economic Report issued by the Finance Ministry in conjunction with the tabling of the 2015 Budget Friday by Prime Minister Datuk Seri Najib Tun Razak, who is also Finance Minister.

  • Malaysia’s economic growth momentum in 2015 is expected to remain resilient and register growth of between 5.0 per cent and 6.0 per cent.
  • Malaysia’s real Gross Domestic Product grew at a steady annual average rate of 5.8 per cent since the implementation of the Economic Transformation Programme.
  • The Malaysian household income for this year is showing a positive pattern in line with the strong economic performance.
  • Malaysia maintained its dominance in the global sukuk market as it garnered 63 per cent of the global sukuk issuance in the first half of the year.
  • Malaysia’s monetary policy remains accomodative, focus on supporting sustainable growth of the economy in an environment of price stability.
  • Malaysia’s manufacturing sector is expected to record better performance for 2014, with growth of 6.4 per cent vis-a-vis 3.5 per cent in 2013, buoyed by favourable domestic economic activity and recovery in the external sector.
  • Malaysia continues to be a significant player in the Islamic fund management industry, accounting for approximately 25 per cent of Islamic assets under management globally as at Jun 17, 2014.
  • The government will continue to focus its efforts on the development of a progressive, sustainable and inclusive financial sector.
  • Total household debt increased at the slowest pace since 2010 by 9.9 per cent to RM904.3 billion as at June 2014 or 86.7 per cent of nominal Gross Domestic Product (GDP).
  • The Credit Guarantee and Investment Facility, an iniatiative under the Asian Bond Markets Initiatives framework, is looking to strengthen nascent local bond markets and develop new bond markets.
  • Governments and multilateral development banks need to seek innovative ways to finance infrastructure-based projects in partnership with private entities to ensure a sustainable flows of funds to meet the demand for financing.
  • The global shale gas and oil development can set a new order in oil trade worldwide in the near future.
  • The finance and insurance sub-sector is expected to sustain growth at 1.8 per cent in 2014 after having moderated to 1.5 per cent in the first half of the year.
  • The value added of the mining sector is anticipated to remain steady at 0.7 per cent this year (2013:0.7 per cent) on higher output of crude oil (including condensates) and natural gas during the second half of the year.
  • The government will intensify efforts to increase women’s participation in the labour force including putting them in higher-level posts in the private sector.
  • Malaysian exporters must actively embrace higher value-added activities to remain relevant and competitive in a dynamic global trading environment.
  • Malaysian companies will be able to tap huge markets through the Regional Comprehensive Economic Partnership as it offers tremendous opportunities for them.
  • The global economy is expected to register a stronger growth of 3.9 per cent in 2015 driven by growth in world trade and increase in investment flows at 12.5 per cent to US$1.8 trillion from US$1.6 trillion in 2014.
  • The government will ensure more prudent spending with priority on high-impact projects in order to reinforce sustainable fiscal governance.

— BERNAMA

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