KUALA LUMPUR: The Prime Minister says the formulation of the 2012 Budget is expected to be challenging which will require bold and innovative approaches and solutions.
'The focus will be on accelerating transformation efforts towards enhancing the growth momentum and sustaining the well-being of the rakyat.,' Datuk Seri Najib Tun Razak said on Tuesday, May 10.
Najib, who is also Finance Minister, said the theme for the 2012 Budget Consultation is "Together Driving Transformation' and emphasised the Budget will be an inclusive and people centric. The Budget proposals will be tabled in Parliament on Oct 7.
He was delivering his speech at the 2012 Budget Consultation Council in Putrajaya. Among those present were Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah, Chief Secretary Tan Sri Mohd Sidek Hassan, Treasury secretary general Tan Sri Dr. Wan Abdul Aziz Wan Abdullah and Bank Negara Malaysia governor Tan Sri Dr. Zeti Akhtar Aziz.
Najib said the country had successfully weathered the global economic recession. The economy rebounded strongly with GDP growth of 7.2% in 2010, surpassing the initial forecast of 7.0%.
'For 2011, we are striving that the economy will expand by 6%. There is renewed business confidence, reflected by the significant investments under the various Entry Point Projects,' he said.
He also said domestically, private investment as a share of GDP is still low at 10.7% in 2010 compared to 30.3% prior to the Asian financial crisis in 1997/1998.
'We need to increase trade and investment links with fast-growing Asian countries, particularly China and India,' he said.
On the fiscal front, he said Malaysia must remain committed to prudent financial management to ensure fiscal sustainability.
Najib also said the country was facing emerging challenges include the rising cost of living and affordable housing, particularly in urban areas while the increasing cost of health services required the government's immediate and appropriate action.
'In this respect, the government will continue to take initiatives to mitigate the impact of rising food prices as well as facilitate the supply of''affordable housing,' he said.
'The focus will be on accelerating transformation efforts towards enhancing the growth momentum and sustaining the well-being of the rakyat.,' Datuk Seri Najib Tun Razak said on Tuesday, May 10.
Najib, who is also Finance Minister, said the theme for the 2012 Budget Consultation is "Together Driving Transformation' and emphasised the Budget will be an inclusive and people centric. The Budget proposals will be tabled in Parliament on Oct 7.
He was delivering his speech at the 2012 Budget Consultation Council in Putrajaya. Among those present were Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah, Chief Secretary Tan Sri Mohd Sidek Hassan, Treasury secretary general Tan Sri Dr. Wan Abdul Aziz Wan Abdullah and Bank Negara Malaysia governor Tan Sri Dr. Zeti Akhtar Aziz.
Najib said the country had successfully weathered the global economic recession. The economy rebounded strongly with GDP growth of 7.2% in 2010, surpassing the initial forecast of 7.0%.
'For 2011, we are striving that the economy will expand by 6%. There is renewed business confidence, reflected by the significant investments under the various Entry Point Projects,' he said.
He also said domestically, private investment as a share of GDP is still low at 10.7% in 2010 compared to 30.3% prior to the Asian financial crisis in 1997/1998.
'We need to increase trade and investment links with fast-growing Asian countries, particularly China and India,' he said.
On the fiscal front, he said Malaysia must remain committed to prudent financial management to ensure fiscal sustainability.
Najib also said the country was facing emerging challenges include the rising cost of living and affordable housing, particularly in urban areas while the increasing cost of health services required the government's immediate and appropriate action.
'In this respect, the government will continue to take initiatives to mitigate the impact of rising food prices as well as facilitate the supply of''affordable housing,' he said.
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