KUALA LUMPUR – Malaysia aims to elevate its economy to be among the world’s top 30 largest in less than 10 years from number 37 in 2022 based on World Bank data by focusing on greater regionalisation and competitiveness, prioritising economic complexity and moving up the value chain.
Economic restructuring will be prioritised in making Malaysia an economic leader in Asia, Prime Minister Datuk Seri Anwar Ibrahim said.
“If we are only satisfied with the current situation, our economy will continue to record growth of 4 to 5%.
“But if we work hard and implement reforms, we can achieve 5.5%.
“In fact, I believe it is not impossible to generate growth of 6%,” he said at the launch of the Madani Economy: Empowering the People here today.
Anwar said that to realise the target, Malaysia must form greater economic integration with its neighbours, especially with the world facing supply chain disruption.
“We need to create more highly competitive local companies to penetrate the Asean market,” he said.
The prime minister said the government’s efforts must go beyond the free trade agreements.
“For example, trade diplomacy and strategic arrangements can expand bilateral and multilateral market integration and facilitate the movement of goods, capital and human capital, as well as technology sharing with neighbouring countries,” he said.
Besides positioning Malaysia as a top 30 major economy, the Madani economy also sets six other medium-term benchmarks to be achieved within 10 years.
Anwar said these include being in the top 12 in the global competitiveness Index, top 25 in the Human Development Index and top 25 best score in the Corruption Perception Index.
The benchmarks also entail employees’ compensation to reach 45% of the gross domestic product, women’s participation in the workforce being at 60%, and fiscal sustainability with the fiscal deficit being 3% or less. – Bernama, July 27, 2023
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