KUALA LUMPUR, April 8 (Bernama) -- Malaysia's economic fundamentals remain strong, aided by diversification of its economic structure and stability of institutions, including the banking sector, the prime minister said.
Datuk Seri Najib Tun Razak said this was recognised by international bodies such as the World Economic Forum, the International Monetary Fund and the World Bank, which had ranked Malaysia near the top of the tables for competitiveness and ease of doing business.
"We have taken firm measures to control inflation and we have seen the results. While the drop in oil prices has contributed to lower inflation rate, even non-oil rates are at very low levels.
"Food inflation, for instance, has dropped from 3.9 per cent a year ago to 2.8 per cent last month," he said at the Standard Chartered Bank's 140th Anniversary Gala Dinner here tonight.
Najib said Malaysia's poverty rate had reduced from 3.8 per cent in 2009 to one per cent in 2014.
He said Malaysia's financial sector was a major part of the success story, and forms a vital component of the economy.
"There is a range of needs for it to serve, arising from industrialisation, urbanisation and infrastructure projects. And we are proud of our financial services reputation for integrity and reliability," he said.