McDonald’s, the fast food behemoth, has outlined its growth strategy for 2012, which includes a focus on new openings, investments and new product launches. Under its Plan to Win strategy, the company said it would invest $2.9bn next year on opening more than 1,300 new restaurants and carrying out 2,400 refurbishments. Chief executive Jim Skinner said: “Over the past 9 years the Plan to Win has been the right blueprint for McDonald's and remains relevant today. It has enabled us to perform well in both robust and challenging economic environments. Most importantly, the Plan is supported by our unparalleled competitive advantages in size and scale, our financial strength and our system alignment. “McDonald's long-term growth targets have served us well and remain intact going forward. They are realistic and sustainable for a company of our size, particularly as we invest to widen our competitive advantages and stretch our brand.” The group said that its commodity cost forecast for 2012, which reflects an increase in its overall basket of goods, had moved from 4.5% to 5.5% in the US and from 2.5% to 3.5% in Europe.