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SINGAPORE: Malaysia plans to launch an economic model by the end of the year in a bid to find new and more sustainable sources of growth in the wake of the financial crisis.
Malaysian Prime Minister Najib Razak, who disclosed this at the APEC CEO Summit in Singapore on Friday morning, hopes the new model will help his country achieve 5 per cent GDP growth in 2010.
The International Monetary Fund currently expects Malaysia's economy to expand by 2.5 to 3 per cent next year.
Mr Najib said Malaysia, like other export-dependent countries, has been a victim of its own success. Its open economy resulted in strong growth in the boom years, but also caused it to be one of the worst hit by the US-led financial crisis.
As a result, he said, Malaysia needs a paradigm shift in its economic strategy.
"We will be coming out with a new economic model that will be predicated more on innovation, high value searching for new sources of growth, strengthening domestic demand and the long-term goal of integration with East Asian economies," he said.
Mr Najib also said he would push for a more efficient and business-friendly government, and for the private sector in Malaysia to step up its investment.
He added that it was imperative for the world to complete the Doha Round of trade talks by next year in order to sustain the nascent global economic recovery.
- CNA/so
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