| June 08, 2007 21:38 PM | |
PASIR PUTEH, June 8 (Bernama) -- Deputy Prime Minister Datuk Seri Najib Tun Razak said the increasingly encouraging reports on the country's economy of late proved that investors' confidence in the country's administration, led by Prime Minister Datuk Seri Abdullah Ahmad Badawi, was gaining strength.
Najib said the review of international merchant banker, Merrill Lynch, which described Malaysia's economy as expanding was based on current market forces.
"The assessment (Merill Lynch) was made based on market forces. The last few days, we have seen that market sentiments on Malaysia in terms of its share market, ringgit value, and as a investment destination, are clearly showing a rising level in confidence.
"It cannot be denied that these analysis are based upon market forces, clearly supporting the statement of Merill Lynch," he told reporters here today.
Najib who is on a one-day visit to Kelantan, earlier closed the "Program Gandingan Gemilang Titian Kasih" organised by the Information Ministry's Special Affairs Unit, here today.
An analyst with the merchant bank said that Malaysia's economy is currently on a long-term structural upturn, which not only brightens up prospects for economic growth in the coming years but also supports asset prices.
It said the Malaysian economy, appeared to be reaching full stride and this development has raised "our optimism over the country's medium-term growth prospects."
"We have therefore lifted our forecasts for gross domestic product growth to 5.7 percent for 2007 and 6.3 percent for 2008 (previously 5.2 percent and 5.8 percent respectively)."
Merrill Lynch said Bursa Malaysia has rebounded with the local stock market being one of the best performers in the region this year.
International investor interest in the country has also been revived, following the recent implementation of a string of economic reforms, it added.
-- BERNAMA
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