KUALA LUMPUR: Malaysia’s strong economic and financial situation has been ratified by the World Bank’s Doing Business 2014 report and international ratings agency Moody’s Investors Service, according to Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah.
In the Doing Business 2014 report, the country jumped to sixth spot from 12th position in 2013, showing the Government’s commitment to enhancing the delivery system’s efficiency and transparency, he said when tabling the 2014 Supply Bill at the Senate yesterday.
In November, Moody’s upgraded Malaysia’s sovereign credit outlook to “positive” from “stable”, he said, adding that 2014 promised better global economic prospects, with Malaysia’s gross domestic product (GDP) projected to grow by 5% to 5.5%, from 4.5% to 5% in 2013 and the Federal Government’s revenue collection estimated to rise to around RM224.1bil.
“Taking into account the estimated revenue and expenditure, the Federal Government’s deficit will continue to decline to 3.5% of GDP in 2014, from 4% in 2013.
“This shows the Government’s commitment to continuing to further reduce the fiscal deficit to a lower level, thus strengthening the country’s finances,” he said, adding that private investment’s 16.7% contribution to GDP in 2013 was expected to expand to 17.9% in 2014. – Bernama