Malaysia - Malaysia confident economy will continue to grow despite global slowdown

Batu Pahat (The Star/ANN) - Malaysia will be able to maintain a positive economic growth next year despite a global economic slowdown, said MCA president Datuk Seri Dr Chua Soi Lek.

He said the country could achieve 5% economic growth this year through the Economic Transformation Programme that gave emphasis on development of all sectors.

"While the economic slowdown in the United States and Europe are causing an impact to our exports, we are confident that Malaysia's economy will continue to grow another 5% next year," he said in his speech before launching a karaoke competition organised by Zabedah Timur MCA branch to raise funds for the construction of its building.

Dr Chua said the Government's efforts to create a favourable investment environment had attracted foreign businesses worth US$9bil to the country between January and September.

He said projects such as the RM50bil (US$16bil) MyRapid Transit would impact the economic development in the country.

Dr Chua called for the implementation of minimum wage to improve the labour market competitiveness and prevent talent being lost to other countries.

He added Malaysia's per capita income was US$8,500 and the country must be able to achieve US$15,000 in per capita income to enable it to become a high-income nation.

"Minimum wage will help increase purchasing power of the people," he added.

On the general election, Dr Chua challenged DAP to explain how hudud law, proposed by PAS, would not affect the Chinese community and its socio-economic impact on the non-Muslims.

He said PAS had admitted it wanted to close down Genting Highlands, which is one of the largest tourist attractions in the country.

The resort, which has 15,000 employees, received 20 million visitors annually and contributed about RM1bil in tax revenues, he added.

News Desk in Batu Pahat/The Star | ANN

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