MALAYSIA'S gross domestic product (GDP) growth and fiscal deficit figures for 2012 are expected to be better than previously projected, said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.
GDP growth is expected to be five per cent or more, surpassing the target of between 4.5 per cent and five per cent, while fiscal deficit is to touch 4.5 per cent compared with the projected 4.7 per cent following higher revenue collection and prudent spending.
Bank Negara Malaysia will be releasing the fourth quarter GDP figures and, by extension, the full-year 2012, by February 20.
"The Economic Transformation Programme, including the strategic reform initiatives, has managed to increase revenue and as a result, decreased the deficit," Ahmad Husni told the media after the Treasury Economic Forum 2013 here yesterday.
In the first three quarters of last year, Malaysia's economy expanded by 5.3 per cent, he said, adding that many foreign leaders were impressed with the country's economic management.
"Our economy has proven to be resilient and robust, especially when we take into account our integration with the outside world.
"For the entire year, we expect our GDP growth to surpass our initial target of 4.5 per cent to five per cent," Ahmad Husni said.
Earlier in his speech, he said "Najibnomics" is a set of economic policies that delivers.
"A number of economists, analysts and members of the media have coined the term 'Najibnomics' to collectively define the particular set of policies I described above.
"As for me, if you were to ask me how I would define 'Najibnomics', my answer is short and simple; 'Najibnomics' is a set of economic policies that delivers," Ahmad Husni said.
He added that "Najibnomics" is not like Reaganomics, where the application of the trickle-down theory is pursued at high social cost.
"'Najibnomics' is the application of an inclusive and mutually reinforcing set of policies, reform programmes and initiatives with the high objective of transforming the major components of the economy in a holistic manner with three major planks, namely delivery, equity and equitable delivery," Ahmad Husni said.