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Malaysia targets 5-6% growth in new economic plan

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Prime Minister Najib Razak said on Thursday that Malaysia's real gross domestic product will grow between 5 and 6 per cent annually from 2016 to 2020, resulting in a 7.9 per cent per annum rise in gross national income (GNI) per capita.

[KUALA LUMPUR] Prime Minister Najib Razak said on Thursday that Malaysia's real gross domestic product will grow between 5 and 6 per cent annually from 2016 to 2020, resulting in a 7.9 per cent per annum rise in gross national income (GNI) per capita.

Mr Najib, also the finance minister, tabled the five-year plan in parliament aimed at leading the Southeast Asian nation toward its goal of becoming a fully developed economy by 2020.

The GNI per capita will reach 54,100 ringgit (US$15,690) in 2020, with the average monthly household income increasing to 10,540 ringgit from 6,141 ringgit in 2014, he said.

The government will strengthen the efficiency of revenue collection through the introduction of the goods and services tax, he said.

That would bring in about 31.4 billion ringgit in revenue per year over the next five years versus 15.5 billion ringgit through the previous sales tax and services tax, he added.

REUTERS