KUALA LUMPUR, March 4- The nominal Gross Domestic Product (GDP) growth rate for Malaysia is projected to increase to 5.9 percent, compared to 2020 which experienced a contraction of 6.2 percent.

Prime Minister Datuk Seri Anwar Ibrahim described the country's macroeconomic achievements as recording a good improvement over the four-year period, from 2020 to 2024.

It takes into account achievements in terms of growth, inflation rate, gross fixed capital formation and investment.

"If we look at the macroeconomic achievements of 2024, we can feel a little relieved. The first, growth. Second, low inflation, 1.8 percent.

"The third-gross fixed capital formation-increased by 12 percent, that is investment growth increased significantly, 12 percent.

"Fourth, the stock market, 2024 witnesses an increase of 12.9 percent. That is quite high in the span of four years," he said in the Dewan Rakyat here.

He stated these in reply to a question from Pendang Member of Parliament, Datuk Awang Hashim.

The House was also informed that, although economic growth is still low post-Covid(2020), the value and growth rate of GDP in 2024 is one of the highest in the region at 5.1 percent.

In the meantime, Anwar said the encouraging performance of the country's economic growth has contributed greatly to the people.

"This performance has translated to our ASB (Amanah Saham Bumiputera) to be the highest in five years. EPF, 6.3 percent, the highest since 2017.

"So the question as to whether these amazing numbers benefit the people? The answer is yes. Should something else be added? I agree.

"For example, job opportunities, 120,000 people, new jobs. This translates to an unemployment rate of 3.1 percent (December 2024).

"Then, this is what makes us more confident to increase the retirement system, salaries, amounting to RM10 billion increase this year.

"STR, this year is RM13 billion. So how can you say that this growth does not benefit the people? STR increased to RM13 billion, the highest in history.

"Salary adjustment, the highest increase, compared to previous years. So, this is a direct benefit to the people, including job opportunities," he added.