Skip to main content

Advertisement

Advertisement

Business

‘Malaysia will return as Asian tiger in 3 years’: Lim Guan Eng

‘Malaysia will return as Asian tiger in 3 years’: Lim Guan Eng

Malaysia Finance Minister Lim Guan Eng speaks at the Invest Malaysia 2019 capital market forum, Mar 19, 2019. (Photo: Bernama)

KUALA LUMPUR: Malaysia will return to its Asian tiger status in three years, Malaysian Finance Minister Lim Guan Eng said on Tuesday (Mar 19).

He said the 48 per cent jump in foreign direct investments to RM80.5 billion (US$19.7 billion) in 2018, compared with RM54.4 billion in 2017, reflected investor confidence in Malaysia’s economic health.

Lim said Chinese and Japanese investments into Malaysia had increased substantially and he hoped local investors would follow suit.

“2018’s figures have been positive despite certain predictions and I think Malaysia’s economy is progressing well. We have exceeded consensus estimation even for the previous month.

“The Industrial Production Index at 3.2 per cent in January was higher than the estimate compiled by Bloomberg at 2.3 per cent,” he said in his keynote address at the Invest Malaysia 2019 capital market forum.

In February, Lim said that Malaysia’s economy was going strong and that its gross domestic product (GDP) is expected to expand a further 4.9 per cent in 2019 even with a decline in inflationary pressure. 

"The CPI decline proves that the government’s policy of abolishing the Goods & Services Tax (GST) and replacing it with the Sales & Services Tax (SST) and stabilising fuel prices with a ceiling price mechanism works by expanding the economic pie to benefit both businesses and the people," he said in a statement.

Advertisement

Also worth reading

Advertisement