Private sector to power growth.

THE Government is banking on the private sector to serve as the engine of growth in the next 10 years, with the economy principally driven by domestic activities.

The Third Outline Perspective Plan (OPP3), announced yesterday, maps out the course of an economy that is knowledge-based. At the same time, even greater emphasis will be placed on the manufacturing and services sectors, the latter primarily involves efforts to correct a persistent deficit.

Economic growth, as measured by gross domestic product, is forecast to average 7.5 per cent a year in the next decade, up from 7 per cent under the previous perspective plan (OPP2, 1991-2000).

The OPP3, which was tabled in Parliament by Prime Minister Datuk Seri Dr Mahathir Mohamad, also sees the introduction of a new development policy called National Vision Policy (NVP). …