SARAWAK is on track to hit its 2020 gross domestic product growth target of 4.7%, Abang Johari Openg told an international conference on Sarawak and Asean in Kuching today.

The chief minister said Sarawak, the country’s third-biggest economy behind Kuala Lumpur and Selangor, contributing 9.7% of national GDP, registered a GDP growth of 4.7% last year.

This is more than double the growth rate of 2.3% in the year prior, he said.

Abang Johari said the state has a GDP per capita of RM49,327, an increase from RM44,000 in 2016.

He said the state also has the nation’s lowest inflation rate at 3%, as well as a 3% unemployment rate, which is “an improvement from the 3.3% in 2016”.

“The poverty rate fell from 0.9% in 2014 to 0.6% last year, and our population, estimated at 2.79 million, of which 42% are youth, promises long-term prospects in terms of human capital talent.”

He said to accelerate Sarawak’s development, the state government had increased its development expenditure by RM370 million, from RM3.92 billion in 2016 to RM4.29 billion last year.

This is proof of its commitment to boost the state’s infrastructure and potential, he said.

The chief minister said in the face of drastic cuts in federal allocation, he will table Sarawak’s “biggest budget ever” at Monday’s state assembly sitting.

“We recognise the need to create a suitable business environment for all investors and businesses, to allow them to thrive.” – November 1, 2018.