New measures will depend on global economic situation, says Najib

KUALA LUMPUR: Decision for any new strategic economic package will depend on the global economic situation, Deputy Prime Minister Datuk Seri Najib Razak said yesterday.

“We do not know yet. It all depends on the global economic situation (and) we are monitoring it closely on a daily basis,” he told reporters after a dialogue with ulamas at Wilayah Mosque here yesterday.

“Our concern is that we want to protect the rakyat as much as possible and to ensure that there is some growth in the real economy,” he said when asked to comment on the report which said the country plans to introduce a strategic economic package next year.

Malaysia is projected to achieve a gross domestic product (GDP) of 3.5% next year.

Najib, who is also the finance minister, said Malaysia is unlikely to face a recession.

“Slowdown, yes but recession we don’t think so as yet. As I said there is one big caveat, the world economic situation,” he said.

The government last month introduced the RM7 billion stimulus package to reinforce the economy, strengthen national resilience and to maintain economic growth momentum to face the increasingly challenging global economic climate.

The package was proof of the government’s serious concern for the people’s well-being and to stimulate private sector confidence, Najib said. — Bernama