Even though the opposition parties have repeatedly threatened the people that the country’s economy is doomed and wanted the people to join them in toppling the existing Government, their claims are fundamentally baseless. This is because both our internal and international data have shown that the Malaysian economy is growing steadily.
Just recently, two international organizations have raised our 2017 economic growth rate. They are Asian Development Bank and International Monetary Fund, both are authoritative and both have recently joined those which are looking up to our economy.
ADB raised our 2017 GDP growth from 4.4% to 4.7% while IMF raised its May forecast of Malaysia’s economic growth of 4.5% to 4.8%.
What does it prove when these two international organizations raise their growth forecasts? Obviously, it proves that they are optimistic of our overall economic growth and they do not see any doom’s day sign as claimed by the opposition parties.
Under the leadership of the current government, the economy has taken an unusual change, especially with the completion of the MRT and LRT lines resulting in higher productivity as commuters can now spend their time in a better way than being stuck in a traffic jam.
Recently, Bank Negara has made efforts to improve the capital market. For example on April 13, 2017, it announced further measures to deepen the financial market, including the amendment of policies to allow investors to hedge their foreign exchange exposures and short-sell government bonds.
All this shows that the Government has taken measures to revitalize the economy. Furthermore, the construction industry is thriving. According to figures, besides the many major infrastructure projects, private mixed development projects are being launched and in progress. This would stimulate the construction industry and help further contribute to the economic growth.
There are indications that the mega infrastructure projects such as the Pan-Borneo Expressway, the Malaysia Vision Valley, Tun Razak Exchange, the East Coast Rail Link, Kuala Lumpur-Singapore high-speed rail line would bring about more high-paying jobs and promote the development of SMEs and eventually spur the national economic growth.
The Government has also launched commercial development projects such as Bandar Malaysia, Malaysia Vision Valley in Negeri Sembilan, Cyberjaya, Kuantan Industrial Park and the Melaka Gateway deep-sea port.
Even foreign investors are looking up to Malaysia’s economy as shown in the number of foreign bidders in the Bandar Malaysia project. According to figures, seven Chinese state-owned enterprises and two Japanese firms have submitted their bids for the Bandar Malaysia project as the deadline closed on July 20.
This has shown that Bandar Malaysia is a worthy investment project and also the attraction of the KL-Singapore high-speed rail project. These two iconic projects are also game changer for Kuala Lumpur. More importantly, the enthusiasm shown by foreign investors in these two mega projects also reflects their confidence in our economic outlook in order to bring in such huge investments.
Therefore, people should never believe in opposition’s claim that Malaysia’s economy is doomed. Our economy is currently very much on the right track.