KUALA LUMPUR: Malaysia’s economic growth outlook continues to be supported by solid fundamentals. Our economy is highly diversified and our domestic demand is resilient, said Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour.
In an exclusive interview with Bernama, he said Malaysia’s economy and trade structures are diversified as they are not overly dependent on one particular sector, industry or product segment.
“Even our export market is diversified. We don’t trade with just one country. We trade with many economies. No single country accounts for more than 15 per cent of Malaysia’s exports. That shows how diversified we are,” he said.
Abdul Rasheed said Malaysia’s growth also exceeded expectations last year with its major growth engines supporting growth: consumption, investment, exports and tourism.
On fiscal policy, Abdul Rasheed said the government has demonstrated policy credibility by following through on its subsidy rationalisation measures involving fuel, electricity, water and diesel.
“The government has communicated its resolve to push through with its economic reform agenda. The government has promised reform, and has implemented it in a way that does not affect growth.
“The government has also stuck to its commitment to fiscal reforms. This has allowed fiscal savings to be channelled back to the rakyat in a targeted manner,” he said.
He added that long-term national frameworks such as the National Energy Transition Roadmap (NETR), New Industrial Master Plan (NIMP) and National Semiconductor Strategy (NSS) also provide clear policy direction for investors.
“These positive domestic factors make Malaysia an attractive destination for global investors, thus lending greater support to the ringgit,” he said. – Bernama
