Thursday, June 10, 2010

PM rolls out RM230b 10th Malaysian Plan

The prime minister Datuk Seri Najib Tun Razak announced the 10MP (Tenth Malaysian Plan) today at parliament, a 5 year development plan to help the country curb its falling deficit as well as to reduce the subsidies. He forecasted that the average economic growth of the country will grow at 6% over the next 5 years with fiscal deficit will be reduced by 2.8% of the GDP (Gross Domestic Product). The government will be allocating some RM230billion for the development plans where 55% will be allocated for the economy, 30% for social, 10% for security and the rest for general administration.

The plan will be focusing on 12 NKEAs (National Key Economic Areas) which are perceived as high income generators. They are (i) Oil and gas; (ii) Palm oil and related products; (iii) Financial services; (iv) Wholesale and retail; (v) Tourism; (vi) Information and communications technology (ICT); (vii) Education services; (viii) Electrical and electronic; (ix) Business services; (x) Private healthcare; (xi) Agriculture (xii) Greater Kuala Lumpur.

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