The people must take great pride that the State has been able to achieve the present level of political and socio-economic development with the steady effort and sustained steadiness. The State has come out from the backwater lane of development in the 60s and 70s to become one of fastest states in the country with every potential to attain the status of a developed economy by the year 2020.
Undoubtedly, in spite of the negative reports written about Sarawak by unfriendly foreign NGOs, the State has been managing resources effectively. The State has been able to with stand the uncertainties that are challenging us from time to time. However, the journey ahead is still full of challenges; we should not let down our guards. Instead, we must continue to act with a sense of dedication to ensure that we shall be able to achieve the development objectives within the stipulated framework. We must stay united and should not be distracted by political bickering and arguments over petty issues which do not benefit anybody.
The common struggle is to steer the development to a greater height. The State must maintain the growth momentum so it can embark on higher ground where a new economy will emerge. The State economy is expected to record a favorable growth of 4.5% in 2011. However, the concern over the uncertainties in U.S. and Japan and the deepening of debt-sovereign crisis in Europe may have impact on the growth of the State economy.
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| Kuching |
The State economy is projected to grow at 5.0% in 2012 as economic prospects in the region continue to look positive. Besides, strong domestic demand and economic activities generated by the on-going projects under the Tenth Malaysia Plan and SCORE area will be plus factors to healthy growth.
The construction sector is expected to grow at 6.4% in 2011, in tandem with the increasing tempo of the implementation of development projects in SCORE area as well as government projects under the Economic Transformation Programs. The growth is also supported by the strong construction activities in the residential and non-residential sub-sector. For 2012, the construction sector is expected to continue to register a strong growth of 8.0%.
The agriculture sector is expected to grow at 2.6% in 2012, with higher production of crude palm oil and other sub-sectors as a result of the rebound in commodity prices. The production of crude palm oil is expected to grow by 2.9% as the production continues to expand to meet the expected favorable demand.
Understandably, the State government will continue to pursue additional financial allocations from the Federal Government for development. Undoubtedly, more funds are needed to develop the vast State to bridge the development gap with Peninsular Malaysia.
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| Sibu |
Chief Minister, Pehin Sri Haji Abdul Taib Mahmud, who is also the Minister of Finance, says the State Government will continue to put in place strategic measures aimed at strengthening the financial discipline and management at every level. In this regard, conscientious efforts will be made to instill the culture of financial discipline and prudent financial management among members of the Civil service. It is fundamental that the State must be able to maintain fiscal flexibility and autonomy and conserve resources for the future generations.
He says the State government will continue to plan well ahead with greater foresight to ensure that the policies will be able to meet increasing challenges of global scenario and environment. More importantly, the development of Sarawak must be able to meet the rising expectation of the people, younger people in particular.
He assures that all projects under the current development plan and those under SCORE will be implemented timely and smoothly. The speed of implementation is crucial to further spur the domestic economic activities to cushion the impact of external economic slowdown.
He calls on all Ministries, Departments, Agencies including Government- Linked Companies to closely monitor the implementation of all projects to ensure that they are being implemented and completed as scheduled. This is even more crucial in view of the prevailing global economic conditions where the external sector is weak. Therefore, high impact projects, which have greater multiplier effects, must be implemented speedily to further spur domestic economic activities.
Pehin Sri Abdul Taib says the development of infrastructure in SCORE area must be implemented timely as scheduled. This is critical as the development of the high impact corridor will stimulate further the economic growth for the State for the next twenty years. For example, the development of good infrastructure and competitive energy supplies is essential in order to attract more Foreign Direct Investment (FDI) particularly those relating to the development of energy-intensive industries to the State.
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| Mukah |
He believes the energy-intensive and downstream processing industries, in the long run, will be able to attract local professionals and highly skilled workers now working overseas to come back as the industries will be able to match their high income.
The proposed budget for 2012, which was tabled last Monday, is expected to yield a surplus of RM79 million on the basis of an estimated total revenue of RM4,043 million against a total ordinary expenditure of RM3,964 million. The State must spend within its means to ensure it has sufficient financial reserves to meet future challenges. More importantly, the State must continue with a balanced or surplus budget policy to ensure that its financial position remains strong and sustainable in the long run.
The State Budget for 2012 is formulated consistent with the thrusts of the 2012 National Budget. The budget, like its predecessor for 2011, will be a development biased budget. About 70% of the total allocation will be for development purposes while 30% for operating expenditure.
However, it will also facilitate the role of the private sector as the new engine of growth. Erstwhile the burden of the development has fallen heavily on the public sector. Therefore, it has become increasingly crucial for the private sector to get actively engaged and involved in stimulating and spearheading investment for development of the State economy.
Pehin Sri Abdul Taib says it is imperative for Sarawak, as a developing state, to continue to have pro-development budget but with an adequate level of expenditure required to stimulate a desirable level of economic activities and growth during the year.
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| Miri |
He says the proposed budget continue to give special focus to further enhance the efficiency and effectiveness of the State's financial management as well as the delivery system. For example, it will continue with the strategy of keeping the operating expenditure under stringent control. There is a need for growth to be driven by productivity and efficiency. It is imperative that concerted efforts are made to optimize the use of available resources and reduce wastages.
He says the world economic growth has fallen sharply as the handover from public to private demand in the U.S. economy stalled and the euro area continued to encounter major financial turbulence. The International Monetary Fund (IMF) in its World Economic Outlook Report, released in September 2011, projected the world economic growth to moderate from 5.1% in 2010 to about 4.0% in 2011.
He says the slow progress by key advanced economies in eliminating sovereign and financial sector imbalances to facilitate a shift from public to private demand has limited the global economic growth. For example, deteriorating sentiment and speculation on the Euro-zone monetary future continue to unsettle markets. At the same time, the Euro sovereign debt crisis and the U.S deficit problem that led to the downgrading of their credit rating are posing significant recessionary pressures on global economic growth.
He says the global economic recovery in 2011 has been further impeded by unexpected shocks, including supply disruptions arising from earthquake and tsunami in Japan, the surge in oil prices, and political unrest in the Middle East and North African regions.
The global economic prospect is expected to be more challenging in 2012. The IMF revised downwards the world economic growth for 2012 to 4.0% from their earlier estimates of 4.5% while the world trade to 5.8% from their earlier estimates of 6.9%, a decline of more than 1%.
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