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Malaysia sets higher economic growth target for 2017

Staff Writer | October 22, 2016
Malaysian Prime Minister Najib Razak said that he expected the country's gross domestic product (GDP) to expand 4-5 percent in 2017, up from this year's 4-4.5 percent.
Asia   Malaysian Prime Minister Najib Razak
Najib set the growth target during his annual budget speech at the parliament as the Southeast Asian country continued to reduce its dependence on oil and gas.

He said the government's revenues on oil and gas have been reduced from 41.3 percent in 2009 to 14.6 percent of the total in 2016.

"As a result of further diversification of our economy, the growth has been resilient and sustained despite the recent decline in oil prices by almost 50 percent," said Najib.

Najib, who also serves as the finance minister, said in an economic report earlier that the country expects Brent crude oil price to rise to $45 in 2017.

During the budget speech, Najib said the budget for 2017 will stand at 260.8 billion ringgit ($62.4 billion), an increase of 3.4 percent from 2016.

He pledged to achieve the fiscal deficit target of 3 percent of GDP in 2017, compared with 3.1 percent in this year.