KUALA LUMPUR, Nov 11 — Singapore is poised to overtake Malaysia as the third largest economy in Southeast Asia by the end of this year in a development economists and analysts say underlines the need for Putrajaya to step up efforts to increase competitiveness and undertake wider reforms.
According to a Bloomberg report, Singapore’s Gross Domestic Product (GDP) this year is expected hit US$210 billion on the back of a blistering 15 per cent annual growth, beating Malaysia’s projected US$205 billion GDP. Both countries will release their 2010 numbers by February next year.
“A lot of times when we meet foreign investors what they tend to say is that Malaysia on the whole is generally inward focused ” he said. Eng said Malaysians were more preoccupied with how to divide the economic pie among themselves while other nations in Southeast Asia were more concerned with how to gain an edge over their neighbours.
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