KUALA LUMPUR, May 21 (Reuters) - Malaysian Prime Minister Najib Razak is confident that the Southeast Asia nation can achieve developed economy status by 2020 under an ambitious five-year economic development tabled in Parliament on Thursday.
The following are highlights of the five-year economic blueprint, which includes updated forecasts for the country’s economy and its finances as well as the introduction of new infrastructure projects.
- Real gross domestic product (GDP) is expected to expand between 5-6 percent per annum from 2016-2020, resulting in a 7.9 percent per annum rise in gross national income (GNI) per capita
- Malaysian economy to benefit from more robust global economic prospects, recovery of commodity prices and benign global inflation - Bernama
- Malaysia’s GDP to hit 2.6 trillion ringgit ($721.4 billion) in 2030 - Bernama
- Inflation to remain below 3 percent from 2016-2020
- Private investment expected to grow at an annual 9.4 percent between 2016-2020, estimated annual investment of 291 billion ringgit
- Public investment to grow at 2.7 percent per annum at an annual average of 131 billion ringgit
- Gross exports projected to see stronger growth at 4.6 percent per annum between 2016-2020
- Trade balance projected to remain positive with surplus of 57.3 billion ringgit by 2020
- Gross national income per capita expected to reach $15,690 by 2020
Goods and services tax expected to bring in 31.4 billion ringgit revenue a year over next 5 years
- Federal government total debt projected to drop below 45 percent by 2020
- Dependence on oil-related revenue to decline to 15.5 percent by 2020
- More than 40 percent of total employment will comprise skilled workers - Bernama ($1 = 3.6040 ringgit) (Reporting By Yantoultra Ngui and Anuradha Raghu; Editing by Jacqueline Wong)