: Prime Minister Datuk Seri Najib Razak today has refuted allegations by certain quarters that Malaysia is a failed state.
He said the government's initiative, especially in dealing with economic uncertainties, ensured that the country was able to compete in becoming a high-income developed nation by the year 2020.
Among the initiatives include varying government revenue sources, reducing economic dependence in oil and gas revenues, providing a conducive environment enhancing trade and strengthening innovation and technology capabilities.
"The government will continue to implement various initiatives in all sectors of the economy to remain resilient and competitive at both domestic and global levels to ensure the country's economy continues to be strong,” he said when answering a question by Jasin MP Datuk Seri Ahmad Hamzah in Parliament today.
Ahmad wanted to the know the probability of the country achieving high income status by 2020 after taking into account Bank Negara Malaysia's (BNM) projection that the country's economy will recover by this year and the International Monetary Fund (IMF) projection that the world economy is recovering.
Najib said the overall achievement fully depends on a positive internal and external environment.
He said, while world economic growth is expected to recover, Malaysia remains vulnerable to some global risks such as uncertain policies in developed countries, financial market volatility and increased trade protection sentiments, oil prices and geopolitical risks.
Najib said that the government's far-sighted economic plan as well as the government's proactive steps in implementing key decisions has built the country's economic resilience to address external challenges.
He said that this is proven when the country’s Gross Domestic Product (GDP) recorded a growth of 5.6 percent for the first quarter of 2017.
Meanwhile, when Permatang Pauh MP Datuk Seri Dr Wan Azizah Wan Ismail asked about the country’s current debt situation, Najib said that the country's debt is under control.