Guan Eng lists 5 factors for better growth in 2020

Lim Guan Eng.

GEORGE TOWN: The government is confident that the country’s economic growth will be better this year compared to 2019 with the introduction of initiatives and measures to boost the economy, according to Finance Minister Lim Guan Eng.

He said the government has been striving to overcome the various economic challenges faced by the country as a sovereign nation.

The government he said, wanted to ensure the country’s economic fundamentals remained on solid footing besides being fiscally and financially stable to ensure the confidence of investors and international agencies.

“We can see that the country’s economic growth is still healthy with economic growth forecast at about 4.7%, better than other countries.

“Some neighbouring countries fared far worse, but we are confident that this year’s economy will be better than last year,” he said here today.

Lim said the government has identified five factors that would be catalysts for economic growth this year — rise in commodity prices, de-escalation in Sino-US trade tension, increase in government spending, institutional reform and injection of funds into the market.

“A government initiative involving the injection of funds into the market, like the e-wallet programme, will be launched next week,” he said.

Lim’s remarks come on the heels of a report by independent polling firm Merdeka Center on “Malaysia Political Developments and Trajectories Update” in which 61% of voters surveyed were concerned about the economy.