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IV ECONOMIC
PROSPECTS IN 2001
1.
The Budget strategies that have been presented in this Honourable
House will ensure the nation’s success in this ever-challenging global
environment. While continued
expansion of the world economy and trade have been forecast, growth in
year 2001 is not expected to be as strong as that achieved in year 2000,
given the anticipated slow-down of the US economy, the main engine of
world growth. The
slower growth however, is expected to be mitigated by the stronger
performance of our other major trading partners in East Asia and Europe
that together account for 68 per cent of the nation’s exports.
2. Given the
developments in the external environment and the implementation of
pragmatic measures by the Government to accelerate domestic economic
activities, the Malaysian economy is expected
to continue to register strong growth of 7 per cent in year 2001.
This represents a good start in ensuring that we achieve the higher
growth rate targeted in the Eighth Malaysia Plan that will be tabled in
this Honourable House early next year.
The private sector is expected to continue to play a key role in
driving economic growth, in addition to increasing domestic demand while
the public sector will continue to play a supportive and complementary
role in sustaining growth.
3. The source of
economic growth is expected to emanate from the manufacturing sector, with
other sectors continuing to contribute positive growth.
Value added of the manufacturing sector is expected to expand at 12
per cent, underpinned by the expansion in demand of the domestic and
export-oriented industries. The
agriculture and mining sectors are projected to expand at a rate of close
to 2 per cent while the construction sector, that has recently recovered
from the financial crisis, is expected to expand strongly at 5.5 per cent.
In tandem with the performance of the other major economic sectors,
given the strengthening of domestic demand, in particular private sector
consumption and investment, the services sector will expand at a more
sustainable rate of 5.2 per cent.
4. In regard
to the balance of payments, the current account is expected to continue to
register a surplus of 24.8 billion ringgit or 7.6 per cent of GNP.
With the surplus in the current account of the balance of payments
and a higher level of domestic economic activities, the nation’s
competitiveness and resilience will continue to strengthen.
At the same time, inflation is expected to be contained at a low
level despite the increase in domestic demand, given that the impact of
higher world crude oil prices and imported inflation is expected to be
moderate. The rate of
unemployment is envisaged to be below 3 per cent, in line with the
sustained higher level of domestic economic activities. The overall
deficit of the Federal Government expenditure is targeted to be contained
at 4.9 per cent of GNP in year 2001.
This ratio reflects the Government’s commitment to reducing the
role of the public sector in the economy.
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V
CONCLUSION
1. We
are blessed to be able to enter the new millennium with better prospects
after having overcome the extenuating circumstances of the economic
crisis.
2.
This year’s Budget is indeed crucial and significant. It is aimed at steering the nation towards achieving Vision
2020 and a new economic era. In fact, it represents the first step in
achieving a New Malaysia. This is the direction for the nation. It
promises to reward those who are determined, disciplined, keen in seeking
knowledge, prepared to sacrifice as well as willing to improve and
diversify their capabilities. Those entrenched in ways of the past,
inclined towards baseless criticism will lose out.
We are aware that some will be left out, marginalised by the
digital divide. The Government, however, is not willing to see anyone
marginalised. The detailed programmes that I have tabled today will ensure
that this will not happen.
3.
This Budget
demonstrates the Government’s resolve to reduce the divide so that every
individual and family will improve their livelihoods. It is also our hope
that our children achieve their full potential. For example, many have
proven their capabilities by working for large foreign conglomerates and
have been entrusted with great responsibilities and earn attractive
salaries. Many have succeeded in businesses. Some are operating in Hong
Kong, with others in America and Europe. Malaysians are capable and have
the qualifications. We need
to rid ourselves of negative attitudes and instil a culture that is truly
conducive to achieving success.
4.
The Budget represents a plan of action for society to become
more knowledgeable, dynamic and caring. We have already come across
several touching and sad incidents.
Families in need can be assured of assistance to enable them to
enjoy the benefits of development. Have faith. They must, however, be
prepared to exploit opportunities that are available.
5.
The Government has the formula to change the lives of the less
successful. The Government is sensitive to economic
imbalances. We have long endeavoured in this regard. To date, we
have provided computers and assistance to rural schools. We want our
children to learn, read widely and become more articulate in various
languages, in particular the English language so that they can master the
internet and ICT and derive benefits from the New Economy. We hope that
the middle class living comfortably in Kuala Lumpur can assist the poor.
Those who are successful must provide leadership to those who are less
fortunate. Every individual has a role to play. Adopt foster children
during the school holidays. A friendly and caring culture must be in the
nation’s agenda. Lecturers,
university professors and professionals should return to their villages
and share their skills and experiences with village teachers and children.
Make this a caring culture and assist without expecting rewards.
On the part of the Government, efforts and financial assistance
will continue to be channelled through existing organisations and
agencies.
6.
I wish to stress that we have no political agenda in our
efforts to undertake national development, eradicate poverty and in
sharing the fruits of success. Our integrity and reputation should not be
questioned. We urge every Malaysian to forge unity, inculcate sincerity
and enhance cooperation so that together we will rise to greater heights.
We must reject the cynical who sow seeds of hatred and accuse the
Government of ill intentions. Do not belittle the hard work and sufferings
of Malaysians during our past struggles.
Government policies are clear in continuing to develop the nation
and ensuring that benefits are enjoyed by all. Our commitment has not
changed. Our agenda is to achieve the Strategic Vision and continue to
build a caring society.
7.
Be open. Acquire knowledge. Help one another. This is my prayer.
I am anxious, as the situation becomes more complicated. Sauk has been described as a staged drama. There are those
who refuse to sit at the same table. Those at the universities are being
brainwashed. We are concerned
that some are sowing seeds of hatred while they should in fact be seeking
knowledge. The Government
cannot continue to guarantee attractive salaries to graduates when their
academic results are poor. They have to compete and prove that they have
the edge and excellence. Unfortunately, our students are misled by bad
examples that prevent society from moving ahead.
8.
Yet others are tirelessly inciting discord at their ceramah year in year out, without any conscience. We have to be more
constructive instead of destructive.
Provide more substance and intellectual input so that we can have
more creative ideas and insights to deal with the new economic
environment. What about the fate of the poor caught in the wave of the
K-economy? Have they considered this?
9. Should we
be emotionally driven in the pursuit of political ambitions?
Is the culture of hatred a manifestation of those who fear that
they would be marginalised? For sure, there are still those who are less
fortunate. But what is even more unjust is that they are being used by
those who wish to sow discord and disrupt peace. They will use emotions
and sentiments to agitate the poor to oppose those who are successful. In
fact, the supporters of any political party need not worry about being
left behind in the economy. The Government will provide ample
opportunities to every rakyat to pursue their ambitions. We will assist everyone, including
those who criticise us. We hope they will repent.
We want all Malaysians to be knowledgeable and successful.
10.
Our nation in fact will continue to open its doors to investors and
fund managers to further stimulate economic growth. This is the ultimate
reality. Will our children in the poor villages be able to compete if they
are always taught hatred? Organise gatherings on knowledge, technology,
computer education and English language that are needed to appreciate ICT.
The nation will continue to move ahead.
We do not want anyone to be left behind.
11.
We need to strengthen our resolve, increase our determination and
set aside our differences for the sake of stability, peace and racial
harmony. In fact, stability,
peace and racial harmony are prerequisites and guarantee the nation’s
continued achievements in development.
Whatever our beliefs and challenges, we are all jointly responsible
to safeguard the harmonious environment for our children and future
generations. The spirit of self-reliance and struggle will always be kept
alive in the minds of the young who will be entrusted to continue the
struggle without fear and with greater determination. May the Almighty
bless our determination, perseverance and resourcefulness in upholding
religion, race and nation.
12.
In conclusion, let us together learn from verse 15 of
the chapter Saba’ which
tells us to be thankful to the Almighty for our good fortune and the peace
and harmony enjoyed by our nation.
Mr.
Speaker Sir,
I beg to propose.
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