On April 3, 2013, Malaysian Prime Minister Najib Razak dissolved parliament, paving the way for their 13th national elections, likely to be held on May 5, after which the Malaysian populace hopes to see more tangible steps toward the country's development, along with the accomplishment of becoming a high-income country.
KResearch believes that there are many issues worth following up on in this election. One of the most preeminent questions is what their new government's economic priorities might need to be. Up until now, the current government has made it clear that their objectives include directing the country toward a higher-income status – with per capita income of USD15,000 – by 2020. This same economic goal is expected to be carried over to the next government. Despite the nation's relatively solid economy with GDP growth of 5.6 percent YoY in 2012, and their February inflation rate at only 1.5 percent, if looking into Malaysia's economic structuring, one might find that public spending and fiscal stability are two areas that the government ought to be paying more attention to. Also, legal strictures to foreign investments and special federal support for domestic business have become sensitive issues that a more balanced solution retaining both sides' interests is necessary. Amid a fast changing global economic landscape, Malaysia may need to adapt more vigorously to current trends.
Yet, in the midst of changes, it must be acknowledged that Malaysia's private sector has been the major economic driver of their country. Disregarding domestic political conflicts, Malaysian businesses continue to thrive. In 2012, private investment there grew 22.0 percent, with expansion in industrial manufacturing, telecommunications and real estate. Meanwhile, the private sector's presence internationally has grown even more, with their international investments during 2012 totaled MYR51 billion, reflecting the readiness for the launch of the AEC.
Overall, KResearch projects that Malaysia's economic growth will reach 5.0 percent YoY in 2013, or somewhere within a range of 4.4-5.2 percent, decreasing slightly from the 5.6 percent growth they achieved in 2012.
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