According to Bloomberg.com, Malaysian Prime Minister Najib Razak announced today that after the current recession, Malaysia hopes to achieve 6 percent economic growth per year. This is less than the 9 percent needed to achieve the 2020 goal of becoming a developed state. Najib stated that he was being realistic, and that 9 percent was too difficult to achieve in these economic times. Despite this expectation of lower growth, Malaysia seems to be recovering quicker than the government anticipated according to the Prime Minister, who cited better than anticipated third quarter growth. However, the recession is not over for Malaysia, with exports down 24.2 percent since last September. After recovery happens in the West, Najib expects that manufacturing demands will rise, leading to recovery in Malaysia. Najib plans to reveal a new economic model by the end of the year, which will emphasize communications and technology.
Jacob Simkins
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