Just over two years since the launch of the Economic Transformation Programme (ETP) in October 2010, it is with great pleasure that we present to you its progress in 2012.
The global economy remained fraught with risks during the year due to the Eurozone’s continuing financial crisis and concerns on fiscal policy reforms in the US. These headwinds continued to cast a challenging outlook on world economies throughout much of the year.
Malaysia’s economy, nonetheless, stayed resilient amid slower global economic growth, recording Gross Domestic Product (GDP) growth of 5.6 per cent in 2012, surpassing the Asia Pacific growth consensus of 3.8 per cent. This growth was buoyed by a robust investment pipeline and expansion in domestic consumption.
We believe that these developments were largely driven by the economic transformation agenda undertaken by the Government from 2010 to propel Malaysia towards becoming a high-income nation by 2020.
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