KUALA LUMPUR, Feb 20 — Malaysia’s economic policies continue to be recognised internationally with the latest praise coming from the World Trade Organisation (WTO), said Prime Minister Datuk Seri Najib Razak.
“Recently, @WTO praised our successful diversification and economic reforms which had contributed to continued growth despite external challenges,” he tweeted.
On top of this, BMI Research predicted that Malaysian consumers will continue to prosper in 2018, driven by robust economic growth, low levels of inflation and unemployment, he said in the micro-blogging site, twitter.
“People First, Performance Now!,” said Najib, who is also finance minister.
The WTO is the only global international organisation dealing with the rules of trade between nations.
On Saturday, 43 WTO members, who participated in a question and answer session at the just-concluded Trade Policy Review (TPR) of Malaysia in Switzerland, commended the country for its impressive economic achievement, prudent trade and economic policies.
Malaysia was also commended for actively pursuing trade openness through unilateral reforms, regional and bilateral trade arrangements and multilateral rule-making.
In a statement, the Ministry of International Trade and Industry (MITI) also said that members recognised Malaysia’s successful economic diversification and reforms that had contributed to continued growth despite external challenges.
“The bold move to rationalise subsidies for fuel and sugar, among others, indicates Malaysia’s willingness to move towards a market-oriented mechanism.
“Business friendly initiatives such as improvements to the Companies Act was also welcomed as it led to a reduction in the cost of doing business,” added the ministry. — Bernama