KUALA LUMPUR, Oct 20 – Deputy Prime Minister Datuk Seri Najib Razak said the GDP growth forecast for 2009 will be revised downwards. The government had earlier projected growth of 5.4%.
But Najib, who is also Finance Minister, did not give details about what the new revised forecast would be.
"Details of the government's policy response will be tabled during the budget winding up speech in Parliament on Nov 4," he said in his speech at the Khazanah Megatrends Forum 2008.
The Finance Minister, however, guaranteed that the level of government expenditure for 2009 would remain the same.
He also announced several measures that the government will undertake in attracting foreign investments to ensure the economy remains resilient.
He said the service sector will be liberalised, although he provided no details except that the Ministry of International Trade and Industry would be tabling its proposal on the matter to the Cabinet soon.
Najib also said that the FIC guidelines will be reviewed to ensure Malaysia remains competitive.
He also announced that the government will provide additional funds of RM5 billion for Valuecap Sdn Bhd, a company established in 2003 to invest in undervalued stocks.
"In the current environment, many companies are trading at attractive valuations. This creates opportunities for value investing by investors with long term horizons and able to ride through market cycles," said Najib.
Show/Hide comments
Show/Hide comment form
