Malaysia is set to continue on its growth trajectory next year, with predictions that the Gross Domestic Product (GDP) will rise from around 4.5 - 5.0 percent, to around 4.5 - 5.3 percent. Economists have attributed the growth projection to support from fiscal reforms, alongside reductions in deficit and economic stability.
Investment is now set to increase next year with several crucial projects, including oil and gas investment, supported by the Government Transformation Programme and the Economic Transformation Programme. The ETP has helped to create over RM200 billion worth of investment in its three year span, with the GTP expected to have created over 400,000 new jobs by the end of the year, catalysing large economic activity in the country.
Government minister Datuk Seri Abdul Wahid Omar said the country's financial system remains robust, with liquidity, non-performing loans ratio and capital ratios at very strong levels. The World Bank has predicted growth for Malaysia’s exports, driven by new investment in the wake of increased energy commodities and petrochemical production. In the period between January and October of 2013, trade rose by 3.4 percent to RM1.3 trillion thanks to intense promotion by the Malaysia External Trade Development Corporation (Matrade), creating new investment from China, Singapore, the European Union, Japan and the United States.
Ken Crawford, General Manager – Asia Pacific at Aquaterra Energy, said: “We are looking forward to another exciting year of growth in Malaysia with investment for 2014 already on the increase. Our team has a growing reputation as a highly respected offshore engineering partner in the region, with a strong international track record, particular experience and emphasis on innovation in marginal field development.”