#Update* Govt targets 5.5% growth in 10th Malaysia Plan

KUALA LUMPUR: The goverment is targeting the country's real gross domestic product (GDP) to grow 5.5% per annum  in 10^th  Malaysia Plan from 2011 to 2015 or RM670.8 billion, according to the Economic Planning Unit.

The EPU, in its briefing from captains of industries on Tuesday, Nov 10, said under the macroeconomic prospects and strategic directions, the target was to achieve real GDP of RM670.8 billion under the 10MP. Under the Ninth Malaysia Plan (9MP), the target was 3.2% growth per annum and RM525.4 billion.

It said growth would be driven by high value added services, manufac turing and agriculture sectors. It envisages agriculture to grow 3.4%, manufacturing to chalk up 5.6% growth, construction 3.4% amd services 6.3%. It only expected mining to contract 0.1%.

Under the demand side, its target was for consumption to grow 6.7%, of which public consumption is expected to be 2.5% and private 7.8%. As for investments, it targets growth of 5.1% of which the public sector will account for 0.7% and private 10.5%.

It also wants private investment growth of 10.5% per annum, or average of almost RM90 billion of private investment per annum under 10MP.