KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak today said that Malaysia’s debt is still manageable and did not exceed 55 per cent of the gross domestic product (GDP).
Najib, who is also the finance minister, revealed that the country’s debt stood at 50.8 per cent of the GDP.
“This means, our debt is still manageable and Malaysia is categorised as a country with medium debt. In some developed countries, the government debt to the GDP is much higher, with some exceeding 200 per cent,” he added.
He said this to a question from Dr Muhammad Tan Sri Leo Michael Toyad (BN – Mukah) on Putrajaya’s long-term plans in managing the country’s economy, including the credit rating as well as to ensure stable growth.
Najib also criticised the perception that Malaysia is a bankrupt nation.
“We know what they (opposition) are saying outside the country and it is without basis. If there is anyone who says that Malaysia is bankrupt and a failed state, it is clearly a lie,” he said.
The prime minister said the government will continue to work towards achieving its target of becoming a high-income nation by 2020 and for the size of the economy to reach RM2 trillion in 2025.
“I wish to emphasise that the government cannot take just the popular approach only. Rather, we need to be more responsible and implement what is needed to ensure a strong economic as well as financial foundation, for the benefit of the people and the generations to come,” he added. – Bernama