Minimal impact on inflation seen
The tapering of the fuel subsidy by the government, which has resulted in a hike in fuel prices, will only have a minimal impact on the country's inflation, says Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah.
He said calculations done by the Finance Ministry on the impact of the fuel price increase showed a very minimal movement of 0.2 per cent in the inflation rate to an estimated 1.9 per cent from the current 1.7 per cent.
"We are not in a mode of recession, the country (economy) is still growing, consumption should still go on," he told reporters on the sidelines of the media launch of the Global Social Business Summit 2013 today.
Meanwhile, commenting on the Prime Minister's announcement last Saturday regarding measures to increase Bumiputera holding of land and equities, Irwan said this population segment made up of over 67 per cent of the country, however, their ownership of land and equities was still lacking.
"We need to come up with a programme and draw up strategies through initiatives that have been announced to increase land and equity holding among Bumiputeras," he said.
Global Social Business Summit 2013, organised by The Grameen Creative Lab, Yunus Centre and Youth Trust Foundation (myHarapan), would be held on November 7-9 and is expected to attract about 700 participants.
In his speech earlier, Irwan said the summit would be held for the first time outside Europe, after being held twice in Germany and twice in Austria.
The forum's speakers include Prime Minister Datuk Seri Najib Razak, Nobel Peace Prize Laureate Professor Muhammad Yunus and The Grameen Creative Lab co-founder Hans Reitz.-- Bernama