he Economic Transformation Programme (ETP) will play a crucial role for Malaysia to achieve six per cent Gross Domestic Product (GDP) growth this year, says Minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop.
He said domestic consumption and investments by both the public and private sectors would drive the growth.
"If we look at 2011, we have leading indicators which showed the economy will be going strong for the first two quarters but we don't have leading indicators for the second half of this year.
"I believe the large number of ETP projects will be able to drive the nation forward and achieve the six per cent target for 2011," he told reporters after meeting Tasek Gelugor division Barisan Nasional (BN) component party leaders.
Nor Mohamed said most of the ETP projects would take off by July, creating a lot of economic activities in the second half of this year.
"Although there are no leading indicators for the second half, we are convinced because we know a large number of the ETP projects and the 12 National Key Result Areas (NKRAs) will be on the ground by June.
"Between June and December, there will be many economic activities going on throughout the country and with all that (happening), we should be able to get six per cent growth," he said.
Nor Mohamed said Malaysia was capable of attaining developed nation status and become a high-income economy in 2020 as the country was a major trading nation.
"To become a developed nation, we need to get US$15,000 income per capita and six per cent annual GDP growth. Along with that, we also need US$115 billion worth of investments per year until 2020.
"With all these going on, we are confident to achieve it (advanced nation status)," added Nor Mohamed, who is also the minister in-charge of the Economic Planning Unit in the Prime Minister's Department.
It was reported on Friday that Malaysia's economy outperformed expectations to chalk up a commendable 7.2 per cent growth last year compared with a 1.7 per cent contraction in 2009, bolstered by a rebound in manufacturing and service sectors as well as brisk exports.