Let the good times roll. The Economic Planning Unit (EPU) is confident that the country will achieve an economic growth of more than 5% this year based on several positive indicators.
The Star newspaper quoted minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop as saying that one of the indicators was the shift from retrenchment to recruitment in the manufacturing sector since July last year.
He said business confidence and consumer spending was also on the uptrend as loan applications rose by 37.4% while approvals were up by 25% until October last year compared with the same period in 2008.
The report noted that the sales of passenger cars had also showed an increase at 40,569 units up to November last year compared with 36,254 during the same period in 2008.
“The trends are changing and we are confident that 2010 is going to be a good year,” he told a press conference after witnessing the signing of a memorandum of understanding between the Government and the Oxford Business Group on The Report: Malaysia 2010.