20100302 0924 Malaysian Economic News.

The 6.0% economic growth for this year can be met if the Government’s machinery works at full steam, said Prime Minister Datuk Seri Najib Tun Razak. “If civil service can continue to be the prime mover for economic recovery, then 2010 will be the year when growth will be more than what we have forecast,” he said. (The Star)

Malaysia's targeted gross domestic product (GDP) growth of 6.0% for this year is achievable due to the improving global economic scenario, said Deputy Finance Minister, Awang Adek Husin. "Exports will improve when foreign economies are improving and this will be translated into stronger demand.

• In the past, when exports surged, they will push our economy. We see improvement on domestic demand and the timely increase in exports will certainly push our economy," he said. (Bernama)

Traders are expected to hike up the price of fish by 20% beginning today as they expect a shortage following importers’ boycott of fish from Thailand and Indonesia started 1 Mar. The boycott, which began yesterday, is in protest at a ruling by the Fisheries Development Authority (LKIM) that all imported fish should be kept in food-grade insulated fish boxes. The ruling was enforced yesterday.

• Chow Kit wet market fishmonger Mohd Najib Sukron said while sardines cost RM5.00 per kg yesterday, it could cost RM6.00 today if importers continued the boycott. However, wholesalers at the Selayang market have already increased the price of fish yesterday. (NST)

A total of 206,585 Social Security Organisation (Socso) recipients will get an increase in pension payments of between 0.6 -11.3%, to be backdated to Jan 08. Human Resources Minister Datuk Dr. S.Subramaniam said the new pension, which would cost an additional allocation of RM66.4m, would be paid starting April.

• He said the pension increase, which was the highest in the history of Socso, was in view of the Consumer Price Index and the rise in the cost of living. The adjustment as a result of the backdated payment from 1 Jan 08 to 31 Mar this year involves RM142.4m, he said. (Bernama)

Malaysia’s government-linked companies and businessmen are being pressed to boost spending at home amid concern that more money is being invested abroad than flowing into the country. Fresh ideas to stimulate investment may be included in the government’s so-called New Economic Model, International Trade and Industry Minister Mustapa Mohamed said.

• “In the past couple of years there’s been more outflows than inflows,” Mustapa said. “We are going to be more aggressive in promoting our people to invest in Malaysia. We have spoken to our GLCs, for example. They have got some plans, some of which have been presented to the government.” (Bloomberg)