KUALA LUMPUR (Jan 26): Prime Minister Datuk Seri Najib Tun Razak said Malaysia's economy, as measured by gross domestic product (GDP), was expected to grow between 4.5% and 5% in 2017, from a year earlier, on better world economic outlook, amid higher commodity prices, Bernama reported today.

Bernama quoted Najib as saying Malaysia’s strong economic fundamentals, besides good fiscal and monetary policies, would ensure the country’s GDP growth target is achieved.

The nation's 2017 GDP growth forecast is an improvement from the estimated 4% to 5% expansion mentioned in the Finance Ministry's latest economic report. The report indicated the nation's 2016 GDP growth forecast was between 4% to 4.5%.   

Today, Bernama quoted Najib as saying 2017 global economic growth was expected to be better at 3.4%, compared with 3.1% in 2016.

"Global trade is also expected to rise to 3.8 per cent in 2017, compared to 2.3% last year.

"However, a number or risks will remain, including an increasingly uncertain global financial market and slower growth in a number of advanced countries, which needs to be given our attention," said Najib, who is also finance minister.

Najib was speaking at the Finance Ministry's special gathering in Putrajaya today.  

Najib noted crude oil, palm oil and rubber prices had risen. He said the trend augured well for the country's finances.  
  
"It is clear that if this trend continues, the financial position of the country will further strengthen and more programmes to ensure the well-being of the people can be implemented," he said.