Breaking News-RTRS-UPDATE 1-Malaysia PM unveils economic reforms

KUALA LUMPUR, March 30 (Reuters) - Malaysia's prime minister on Tuesday unveiled long-promised economic reforms that he said would make this Southeast Asian country a developed nation by 2020 but he provided few clues as to how he would get there.
Najib Razak's "New Economic Model" said Malaysia would grow by 6.5 percent a year from 2011 to 2020 so as to be able to join the club of developed nations. He pledged to cut the budget deficit and introduce new taxes to do so.