KUALA LUMPUR, March 26 — Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah has reaffirmed the government's aim of achieving a gross domestic product (GDP) growth of between 5.0 per cent and 5.5 per cent this year.

“We believe this is achievable because of the country’s strong private consumption coupled with high private investments,” he told reporters after officiating the International Evaluation Conference 2014 here today.

The five-day event which began on March 24 is organised by the Malaysian Evaluation Society.

Ahmad Husni said private investments increased 3.5 times from 2010-2013, and as of the fourth quarter of last year, improved to 16.5 per cent from 15.2 per cent in the preceding quarter, on account of higher capital spending in the services and manufacturing sectors.

He noted that many projects are still ongoing, and will take a few years to be fully completed, which in turn means that investment will remain strong.

Husni said that the GDP growth target was also the result of improved efficiency in government expenditure, driven by adoption of the outcome-based budget (OBB) introduced under Budget 2014, and involving the Finance, Health and International Trade and Industry Ministries.

"It is progressing very well. Next year, we will include another five ministries, to be identified by mid-year, and by 2016 all ministries will be involved in adoption of the OBB.

“This is an initiative to transform the government's budget to ensure funds are well spent,” he added.

To gauge the success of the OBB’s implementation, Ahmad Husni said the government recently launched the Myresults portal to facilitate the evaluation process.

“I believe this measure will help increase government efficiency,” he added. — Bernama