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‘Positive Growth Despite Uncertain World Economy’

KUCHING: Sarawak continues to show positive economic growth despite the uncertain world economic environment.

According to Head of State Tun Pehin Sri Abdul Taib Mahmud, Sarawak’s economic growth rate rose from 2.3 per cent in 2016 to 4.7 per cent in 2017.

Gross domestic product (GDP) per capita increased from RM44,000 in 2016 to RM46,000 in 2017. Export value also increased from RM77 billion in 2016 to RM96 billion in 2017.

The rate of poverty was reduced from 0.9 per cent in 2014 to 0.6 per cent in 2016 while unemployment rate was sustained at a low level, less than 4.0 per cent.

Sarawak’s economic development, he added, is supported by strong economic fundamentals, good governance and sound financial management by the state government.

He said this in his address at the opening of the State Legislative Assembly (DUN) sitting yesterday.

Taib also pointed out that the state continued to receive good credit ratings by international credit rating agencies.

Standard and Poor’s rated A minus with a stable outlook for the State of Sarawak while Moody’s Investors Service has also rated A3 stable prospects to the State of Sarawak. I am pleased that investors’ confidence in the State of Sarawak continues to increase with this achievement, said Taib.

On another mater, Taib expressed his confidence with the Socio-Economic Transformation Plan (SETP), the Sarawak Corridor of Renewable Energy (SCORE) and the Digital Economy Plan.

I am pleased with the state’s holistic development plan, and I believe the plans are people-centric to raise the socio-economic status of the people and encourage investments in the State of Sarawak.

Applauding the state’s Digital Economic Plan to promote digital technology applications in all aspects of economic development, Taib said Sarawak cannot afford to miss the digital aspect because the technology changes are very fast and affect everyday life, work, business and entertainment.

I believe the establishment of the Sarawak Multimedia Authority (SMA) and the Sarawak Digital Economy Corporation (S-DEC) will ensure that digital economy initiatives can be successfully implemented for Sarawak’s progress. he added.

On SCORE, Taib said it has achieved success in its first phase of development at the Samalaju Industrial Park.

Efforts should also be made to bring investments to other industrial areas throughout the state. This is important to

generate many business opportunities and jobs for the people, he said.

Source: SARAWAK GOVERNMENT

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