Malaysia is stronger now compared to financial crisis in 1997 - Najib

Malaysia’s current economic situation is stronger compared to the financial crisis faced in 1997, said Prime Minister Datuk Seri Najib Razak.

Najib who is also the Finance Minister, said that Malaysia had coped with the adverse effects of the crisis with the introduction of the Economic Transformation Programme (ETP).

“We have reduced the country’s physical deficit yearly since 2009 from 6.7 percent to 3.2 percent by the end of the year.

“This means that changes should be done in a consistent manner although it is tough and unpopular,” said Najib at the 2015 excellence awards for Treasury staff here on Tuesday.

He added that the people will soon realise that the changes introduced back than provides Malaysia with an advantage when faced by uncertain circumstances.

He said that the country’s economic and financial situation will be more difficult to handle if the fiscal deficit remained at its previous level before the implementation of ETP, removal of petrol subsidies and without the implementation of GST.

Meanwhile, higher attention is always given to agencies such as the Treasury and the Finance Ministry for financial management and the country’s economy.

“We carry a heavy responsibility especially in the current economic situation which is receiving pressure from foreign factors which are out of our control,” said Najib.