Prime Minister Najib Abdul Razak revealed today that Malaysia’s GDP growth in 2010 exceeded six percent, hitting the target to achieve a high-income nation in the year 2020.

He said the actual figure and details will be announced tomorrow.

NONE During a programme this morning at the Parliament banquet hall, where Najib was invited to give the opening speech, he said this is a “preview” for the audience.

He reiterated that the Economic Transformation Plan (ETP) target to achieve US$15,000 income per capita in the year 2020, can be realised if Malaysia is able to hit six percent growth in the next 10 years.

“If you follow normal development, I’m optimistic that we can achieve US$15,000 income per capita. Unless there are unforeseen factors like a world economic crisis.”

About 200 guests, mostly senators, attended the programme organised by the Dewan Negara.

During the press conference later, Najib further explained that Malaysia could not achieve double digit growth as the nation’s economy had reached a mature stage.

“No, we cannot because you must remember Malaysia’s economy is much bigger than it was 20 years ago. As you approach to become a mature economy, you cannot get double digit (growth) but you can get reasonably high and I think six percent is considered a very creditable performance.”

“You have to be realistic. No developed nation can achieve double digits.”

Economic challenge

 Explaining the current economic challenge in his opening speech, Najib brushed off the attack by opposition that the ruling coalition BN stands for "barang naik" (price hike).

"If they blame BN for 'barang naik', it is not correct. BN is not about 'barang naik'. It is a global phenomenon, wherever you go there are price hikes."

He claimed that the economic turmoil that hit Malaysia in 2009 and the current price hike are caused by the global economic factors.

"The economic crisis in 2009 is not our fault. It was the United States' fault. (Nobel laureate) George Joseph Stigler said it is a crisis manufactured in United States."

Although Malaysia's economy has recovered from the downturn, Najib stressed that it is still very much dependent on global conditions as Malaysia is a trading nation with a trading volume that is double its GDP.