KUALA LUMPUR, Feb 14 (Bernama) -- Ensuring investor confidence in the Malaysian economy and its potential growth is crucial for the country to sustain its growth momentum, going forward, says Tan Sri Abdul Wahid Omar, chairman of the board of directors, Universiti Kebangsaan Malaysia.

While saying that more than two-thirds of the Malaysian economy was driven by investments and activities undertaken by the private sector, he added that the sector a powerful engine of growth.

Malaysia economy were driven by investments and activities undertaken by the private sector, thus making them a powerful engine growth.

“So, what we need to do is to instil confidence in our economy and country so that the private sector will continue to invest, not only foreign (investors) but also the home grown private sector and government-linked companies,” said chairman of the Universiti Kebangsaan Malaysia’s Board of Directors.

He was responding to a question from the floor at the International Centre for Education in Islamic Finance’s (INCEIF) Leadership Talk Series 2019 held here today,

Earlier today, Bank Negara Malaysia governor Datuk Nor Shamsiah Mohd Yunus announced that Malaysia’s gross domestic product expanded 4.7 per cent in the fourth quarter of last year, leading to an overall economic growth of 4.7 per cent in 2018.

She attributed the growth to a resilient private sector amid temporary supply disruptions.

Commenting on the growth performance, Abdul Wahid, who was formerly minister in the prime minister's department and group chairman of Permodalan Nasional Bhd, said Malaysia was very fortunate to have a  diversified economic structure that enabled it to withstand shocks.

He added that there was a need for the country to look into new growth areas, especially in the technology sector that could bring potential value-added, thus lifting the entire value chain even further.

-- BERNAMA