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THE government will monitor closely key projects carried out by the government, the private sector and government-linked companies to stimulate domestic demand in view of possible global economic slowdown in the second half of this year. News from NST, July 7, 2010. By Hamisah Hamid.
Prime Minister Datuk Seri Najib Razak said the government will ensure that high-impact projects with multiplier effects are implemented according to the timeline.
"We must make sure the domestic demand is very high and continues to be quite strong and robust in the country," he said in his address at the start of the 2011 Budget consultation at the Treasury in Putrajaya yesterday.
The 2011 Budget will be tabled by the prime minister at the Dewan Rakyat on October 15.
Najib, who is also Finance Minister, said the global environment has improved but there are downside risks to the recovery, including sovereign debt crisis in Europe and slow recovery in the US.
"Despite the uncertainty in the external sector, the Malaysian economy remains resilient," he said.
He also said that current problems cannot be solved using past approaches.
"We need to be bold, creative, innovative and adopt competitive strategies to take us to the next level of development," he said, adding that a mindset change is imperative.
The government will ensure that good homegrown companies are not excluded from the government procurement tender process.
Given the importance of the small and medium enterprises (SMEs) in the country's economy, he said, high-performing SMEs, which recently received awards at Smidex 2010, will be considered for government contracts.
Najib said this year's Budget consultation theme, "Together, Striving Towards a High-Income Economy", emphasises a team effort between the private sector, the civil servants and the rakyat to propel the country to a higher level of growth and prosperity.
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