The Malaysian Reserve (TMR) quoted Johari as saying representatives of Fitch Ratings Inc, Moody’s Investors Service Inc and Standard & Poor’s Global Ratings (S&P) had indicated they were positive about Malaysia’s economic growth.
“They are positive on the productive investment by the government on improving public infrastructure and took note of the government’s commitment on managing fiscal deficit,” he told TMR.
He added: “They were also bullish on our export figures with an expected double-digit growth.”
Malaysia posted higher than expected GDP growth rates of 5.6% and 5.8% in the first and second quarters of 2017 respectively.
Johari said he met the representatives of the US-based rating agencies during his working visit to Washington DC last week.
Johari was quoted as saying that the rating firms had taken note of Malaysia’s current account balance which was still positive, despite the heavy investment in infrastructure projects.
He said the rating firms were briefed on the measures taken by the government in maintaining growth.
“We emphasised about the importance of investment in public infrastructure moving forward for Malaysia, as part of the strategy to bring inclusive growth to the people.
“We also explained that the heavy investment in public infrastructure will also help in stimulating the economy as most of the construction projects would provide a high multiplier effect to the economy,” TMR quoted Johari as saying.
Malaysia hopes to achieve a fiscal deficit target of 3% gross domestic product (GDP) in 2017, as compared with 3.1% in 2016.
TMR said, in absolute terms, the fiscal deficit amount eased from RM43.7 billion in 2009 to RM37.19 billion in 2015.
According to the Economic Report 2016/2017, Bank Negara Malaysia had estimated that the absolute fiscal deficit figure will increase to RM38.73 billion in 2016 and RM40.34 billion this year.