20100319 1005 Malaysian Economic News.

PM Datuk Seri Najib Tun Razak said that the economy can expand between 5.0-6.0% this year, faster than the government’s official forecast of 2.0-3.0% growth. “We are sparing no efforts to achieve this growth and to help Malaysia achieve its goal to become a highincome nation. I see signs that with hard work, a commitment to innovation and creativity, Malaysia will be able to deliver that rate of growth this year,” he said. (Bloomberg)

PM Datuk Seri Najib Tun Razak said that the proposed goods and services tax (GST) is not an additional tax but intended to replace the existing tax structure. However, he said no particular date has been set to implement the GST after the second reading of its bill at the Dewan Rakyat this week, was postponed. This postponement was not a "u-turn" by the government on policy. What is important is to get the buy-in and support from the people, he added. (Bernama)

Minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop said that the 10th Malaysia Plan (10MP) incorporates several important elements and aspects of the Blue Ocean Strategy. The Blue Ocean Strategy, which emphasised the effectiveness of thinking out of the box, had been applied indirectly since the country achieved independence more than 50 years ago. (Bernama)

The MIC wants the government to create a monitoring mechanism to ensure success of the delivery system under the New Economic Model (NEM) and the 10th Malaysia Plan (10MP). Party president Datuk Seri S. Samy Vellu said the mechanism would ensure the realisation of all policies and initiatives for the Indian community within the stipulated time frame, especially that of the 10MP. (Bernama)

The Human Resource Ministry will establish a relief fund for loss of employment to assist workers retrenched by employers without receiving any compensation. Its minister Datuk Dr S. Subramaniam said the Social Security Organisation (Socso) with the technical assistance of the International Labour Organisation (ILO) was finalising the actuarial study on the establishment of the fund. The relief fund would help the workers with a certain amount of money for a period of about six months, as well as helping them to find new employment. (Bernama)