JUDGING by the strong performance of Malaysia's economy in recent years, there is every likelihood the country will join the ranks of the industrialised nations by 2020, as envisaged by Prime Minister Datuk Seri Dr Mahathir Mohamad.
Between 1988 and last year, the country's growth rates have been impressive, averaging nine per cent per annum.
To top it all, Malaysia's economy outperformed all the ASEAN (Association of Southeast Asian Nations) countries and the Asian Newly Industrialised Economies (NIEs) in terms of real growth last year.
The growth momentum was sustained by a revival in agricultural output, as well as continued strong growth in the manufacturing, construction and services sectors. Progress was also achieved on the fiscal front. As a result of tight budgetary controls amid an expanding economy, the current account of the Federal Government budget registered another sizeable surplus of M$2.2 billion (about HK$6.6 billion), compared with M$2.8 billion in 1991.
The overall budgetary deficit also declined to 4.5 per cent of Gross National Product (GNP) from 4.6 per cent.
And, for the first time in many years, the nation's external debt level fell below the international reserves of the central bank.