THE MADANI government continues to drive its economic growth with a focus on enhancing public welfare through the MADANI framework, Deputy Finance Minister II Senator Datuk Seri Amir Hamzah Azizan said today.
In his winding up speech of the King's royal address in the Dewan Rakyat in respect of the Finance Ministry II, Amir Hamzah emphasised there was a balance between fiscal consolidation and the well-being of the nation, the government’s strategies aim to increase national wealth while improving the quality of life for Malaysians.
Reflecting a robust performance, the country’s Gross Domestic Product (GDP) growth for 2024 exceeded projections, reaching 5.1 percent, marking a significant rise compared to 2023's 3.6 percent.
“This growth is driven by private sector employment, high-value investments, and continued confidence from consumers and investors alike.
“The GDP rise was also caused by the government's commitment to improving economic welfare is evident in various initiatives, including an increase in minimum wages, enhanced social protection programs, and targeted investments in infrastructure.
“These policies are expected to provide sustainable, long-term benefits, particularly to lower-income groups, while improving the overall quality of public services such as education and healthcare, Amir Hamzah said.
In addition to strengthening public finances, Malaysia is focusing on increasing the involvement of foreign workers in the national retirement savings system, with plans for mandatory contributions to the Employees Provident Fund (EPF).
“This policy change is aimed at creating a level playing field for local and foreign workers, further promoting automation and local employment opportunities in the country.
“These initiatives, alongside strategic investments, ensure that Malaysia is poised for continued economic resilience and growth despite global challenges,” he explained. - February 19, 2025
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