DON’T listen to the naysayers spreading fake news about the economy deteriorating as the World Bank says we are progressing, said the prime minister.

Najib Razak said both the International Monetary Fund (IMF) and World Bank have “raised their predictions for growth” in the Malaysian economy and it is “expected to rise further next year”.

“So, don’t listen to those who would spread fake news about Malaysia. The truth is, as the most recent report from the World Bank concluded, and I quote ‘The Malaysian economy is progressing from a position of strength’,” Najib said during his keynote speech at the 63rd Master Builders Association Malaysia (MBAM) dinner in Petaling Jaya today.

The country has beaten the growth expectations in the first quarter of 2017 at 5.6%, he said.

“And it was announced today that in the second quarter, we have beaten all our expectations, with growth of 5.8%.

“And just yesterday, Fitch Ratings reaffirmed our country’s rating with a stable outlook, citing our strong GDP growth, sustained current account surpluses and net external creditor position as key drivers.”

He also congratulated Malaysian contractors for successfully securing large projects overseas and said it is proof that Malaysians are more than capable.

“As of March 2017, Malaysian contractors have secured more than RM18.5 billion worth of projects in India, RM16.6 billion in Asean countries and RM12.4 billion worth of projects in Saudi Arabia.”

He added that construction projects like the East Coast Railway Line will be a game-changer for the nation and will guarantee 30% involvement for local contractors.

“Out of the RM21 billion worth of contracts for the recently opened Sg Buloh-Kajang MRT Line, RM17 billion was given to Malaysian firms. 

“And for the upcoming Sg Buloh-Serdang-Putrajaya Line, RM26.7 billion of out the RM30 billion awarded to date has been to Malaysian contractors.” – August 18, 2017.