Industrial production rose 12.7% yoy in January (7.5% in Dec 09), marking the fastest growth pace since Mar 04 and beating market expectations for a 11..7% rise. On a mom basis, industrial output increased by 2.9% (3.3% in Dec 09). (BT) Please see our Economic Update for further details
The first stage of the New Economic Model (NEM) will be announced on 30 Mar 10, Prime Minister Datuk Seri Najib Tun Razak said. The second stage of the model would be announced at the tabling of the 10th Malaysia Plan. “We want to engage all stakeholders,” he said. (Bernama, BT, The Star)
The Prime Minister said the Cabinet had given the green light to the International Trade and Industry Ministry (Mitt) to study the possibility of Malaysia entering the US-initiated Trans-Pacific Partnership (TPP), adding that the ministry had embarked on a deep and comprehensive study on the matter. “The Cabinet will make its decision if the study by Miti shows that TPP benefits Malaysia,” he said. (The Star)
The Cabinet only discussed aspects of the Goods and Services Tax (GST) on 10 Mar, especially the people's understanding of the proposed tax system and its implementation, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said. "We did not say cancel. We discussed in details the implementation of it in terms of people's familiarity and on how ready we are. We do not want to face teething problems later, which may cause difficulties to the people. No final decisions have been made,” he said. (BT)
Deputy Prime Minister Tan Sri Muhyiddin Yassin called on the private sector to penetrate new markets in view of the national economy still not having picked up fully. "The government has taken various initiatives to stimulate the economy. In ensuring international trade continues to play an important role in economic growth, the government is making efforts to expand free trade agreements (FTAs) with major markets and others which hold good potential," he said. He urged companies to seize opportunities resulting from Asean's FTAs with India (AIFTA) and with Australia and New Zealand (AANZFTA) to ensure Malaysia's continued competitiveness at the world level. (Bernama)
The government is targeting to eradicate hardcore poverty and poverty among the 11,233 hardcore poor households in Sarawak by year-end, currently registered under the e- Kasih database. Women, Family and Community Development Minister Datuk Seri Shahrizat Abdul Jalil said, such an initiative would be implemented under the ministry's 1Azam programme to create income-generating opportunities. (Bernama)
Malaysian Rating Corporation Bhd (MARC) has revised Gross Domestic Product (GDP) growth upwards to 5.2% for this year from 3.6% estimated earlier. The overall economic prospects for this year was more favourable following positive economic data released recently. "The continued acceleration in the growth of the overall industrial production and manufacturing index suggest that the upward momentum of Malaysia's industrial activity remained intact. It will likely lead to a higher-than-expected expansion in the manufacturing sector," MARC said. (Bernama)
Total manufacturing sales rose 28.8% yoy to RM43.3bn in January (15.9% in Dec 09). On a mom basis, the sales value also increased marginally by 0.3% in January (5.1% in Dec 09).
- Total employment in the manufacturing sector fell by 3.8% yoy to 37,082 persons in January (4.9% in Dec 09). On a mom basis, it climbed 0.7% or 6,286 persons to 949,872 in January (0.3% in Dec 09).
- Total salaries and wages paid in January increased 12.5% yoy to RM2.1bn (-0.9% in Dec 09). (Department of Statistics)
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