2011 has been a year of unprecedented events – the earthquake, tsunami and nuclear disaster in Japan, the ongoing financial turmoil in U.S., Europe, the floods in Australia, China and Thailand as well as the political changes in the Middle East and North Africa – have all indelibly affected our global view of the world.

Going into 2012, we can expect another tumultuous year as the European financial crisis continues to unfold. A weak global growth can be expected. Although the world economy may be slowing down, the developing countries of the South, especially the People’s Republic of China, India and Southeast Asia, will provide the momentum for global growth in 2012.

Barring unforeseen circumstances, Malaysia’s growth in 2011 is expected to be 5% and the projected growth for 2012 may be in the region of 4% to 5%. Though Malaysia cannot be totally insulated from the global economic uncertainty and the European financial turmoil, its economy is supported by strong fundamentals and robust domestic demand and take-off projects under the Economic Transformation Programme and the 10th Malaysia Plan (2011 – 2015), as they come on-stream in the new year. There is also sustained expansion in the services sector, which accounts for more than 50% of GDP.

As we navigate through the turbulence with caution, let us seek new ways and different strategies to meet these challenges. Indeed, tough times call for business unusual!

I wish to express MASSA’s gratitude to all members and the Executive Committee members for their invaluable participation and contribution to the Association.

I wish you and your families “Season’s Greetings”, a Happy and Successful 2012 and “Gong Xi Fa Cai”!

TAN SRI AZMAN HASHIM
President