KUALA LUMPUR, Dec 7 (Bernama) -- The strategic transformation implemented under the leadership of Prime Minister Datuk Seri Najib Tun Razak has strengthened the country's economy, much better than the era of the 1997/1998 economic crisis, which had led Malaysia into the possibility of becoming a failed or bankrupt state.
Sharing the country's success in his policy speech at the UMNO General Assembly 2017 here today, the UMNO president announced that the Gross Domestic Product (GDP) in the third quarter of this year (2017) stood at 6.2 per cent, which was among the highest in the world.
Najib, who is also Finance Minister, said the current economic position was far better than the country's GDP in 1998, which contracted by 7.4 per cent.
He said the latest international reserves stood at RM429 billion, compared with the RM59.1 billion registered during the 1997/998 Asian economic downturn.
According to the Global Competitiveness Report (GCR) 2017-2018, unveiled by the World Economic Forum, Malaysia was ranked 23rd most competitive nation in the world, which placed the country as the Top Emerging Economy in the region.....