MALAYSIA CAN WITHSTAND SHOCKS: Isnt It Wonderful? KUALA LUMPUR: Malaysia is able to withstand any external shocks given the diversification of its economy and its strong fundamentals, Minister in the Prime Ministers Department Datuk Seri Abdul Wahid Omar said, at a time when falling oil prices continue to batter the ringgit and economists warn of possible trade account deficit as early as the fourth quarter of 2014. The government has always been working on medium-term plans. The way we plan for our economy has been based on the five-year development plan, he told a press conference after launching the Celcom 1Malaysia Training Scheme (SL1M) programme here yesterday. Were now in the midst of the 10th Malaysia Plan until next year and were now busy preparing for the next five years until 2020. This is also complemented by the annual Budget, Wahid said. He explained that over the years, the government has been strengthening the countrys economy and structurally it has moved away from being reliant on agriculture and commodity-based activities to one which is now driven by the services sector (55% of GDP) and manufacturing sector (25% of GDP). The component of agriculture and minerals, including oil and gas is only about 15% of GDP. Given the diversification of our economy, were able to withstand any shocks that may come our way, better, said Wahid. He said just like the 2008 global financial crisis, in 2009 the GDP dropped to a negative position but given the strength and robustness of Malaysias financial system, the country is able to rebound accordingly.
Posted on: Tue, 09 Dec 2014 01:49:12 +0000
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