KUALA LUMPUR: Malaysia is on track to achieve its gross domestic product (GDP) growth target of between 4 and 5.0 per cent this year, said Bank Negara Malaysia (BNM).
Bank Negara governor Datuk Shaik Abdul Rasheed Abdul Ghaffour said while the upcoming service tax in the following year might pose some impact on private assumptions, the central bank has already factored in all the relevant announcements from the recent budget.
"We have taken into consideration all the announcements that have been made in the budget into our growth projection for next year.
"We will focus on achieving a growth rate between 4 to 5 per cent," he said at the press conference on the country's GDP announcement for the third quarter.
Meanwhile, Abdul Rasheed emphasised the resilience of Malaysia's economy, citing the nation's well-diversified economy, robust infrastructure, and strong support structure will support the growth this year.
He said Malaysia has the ability to adapt to the changing global environment, positioning itself as a flexible and dynamic player on the international economic stage.
"We have the ability to actually adapt to the changing environment. We have also seen a positive growth in terms of the demand for passenger cars and private consumption.
"So this is why we feel that the targeted growth is actually achievable," he added.
