Gov't firm in 6% growth despite Mideast crisis

The Government is firm in achieving six per cent annual growth this year despite the civil unrest in some Middle East countries, said Second Finance Minister Ahmad Husni Hanadzlah.

He said the target was attainable by ensuring investments committed to Malaysia were implemented efficiently.

Geopolitics in the troubled Middle East nations were a factor to the downtrend in the Kuala Lumpur Composite Index, but nevertheless the government was closely monitoring developments in order not to impede the country's economic growth, he said.

"Libya's stoppage of oil production has resulted in demand to be higher than supply, causing world oil price to spiral to more than US$100 per barrel.

"This latest development is under the government's attention besides the slow economic growth in advanced nations," he told reporters after opening the multimedia room at Sekolah Menengah Yuk Choy, in Ipoh.

Ahmad Husni said the government expected higher contributions from the construction, agriculture and services sectors to the gross domestic product this year than last year.

Apart from ensuring continued investments inflow, the minister said development projects, the mainstay of economic growth, must be implemented.

He said the country's economic growth momentum had picked up and could sustain adverse external factors.

"This is evident from the higher trading volume in Bursa Malaysia in December 2010, clinching RM1.2 billion, as compared with RM602 million in 2009," he added.

Ahmad Husni said the government expected higher contributions from the construction, agriculture and services sectors to the gross domestic product this year than last year.

Apart from ensuring continued investments inflow, the minister said development projects, the mainstay of economic growth, must be implemented.

He said the country's economic growth momentum had picked up and could sustain adverse external factors.

"This is evident from the higher trading volume in Bursa Malaysia in December 2010, clinching RM1.2 billion, as compared with RM602 million in 2009," he added.

- Bernama