By Santtana Looganden
PETALING JAYA: As the World Bank increased their estimation on Malaysia’s GDP to a rise at 4.9% than their earlier prediction of 4.3%, Malaysia is on the right trajectory, said Deputy Ministry of Finance Malaysia Datuk Lee Chee Leong recently at a property summit.
“Seven years ago, our prime minister introduced the New Economic Model (NEM) which was designed to transform Malaysia into a high-income nation, with the right fundamentals to secure a stable and prosperous future,” he added.
Lee said NEM had aided a series of reform and economic transformation plans.
He added that the growth momentum in the global economy continues to record gradual improvement across major economies and modest expansion in the emerging market and developing economies.
He said the world economy is estimated to gain momentum this year, led by a pickup in emerging markets and developing economies, as well as an improved growth in advanced economies.
He also said that the unveiling of plans for projects such as Bandar Malaysia, Tun Razak Exchange (TRX), Forest City, the Mass Rapid Transit (MRT) and the Refinery and Petrochemical Integrated Development (RAPID) in Pengerang, Johor and the Pan-Borneo Highway are expected to spur a double digit growth of 11.1% in the construction sector.
“This will eventually spark a flurry of interest among investors from around the world, creating the demand for housing and commercial space in the local market,” said Lee.