Malaysia is no longer caught in the middle-income trap and has moved halfway towards becoming a high-income economy following the success in lowering the fiscal deficit and raising private investments.
Sunway University's Business School Economics Professor, Dr Yeah Kim Leng said Malaysia had achieved this by reducing subsidies, introducing the Goods and Services Tax and enabling a business friendly environment for businesses to expand.
He said implementation of the Economic Transformation Programme (ETP) and the National Transformation Programme (NTP) were significant, as its had benefited Malaysia's economy, as well as private investments, whereby more than 60 per cent now comes from the private sector.
"To achieve high-income nation status, the implementation of all economic initiatives is of utmost importance for the country," he told Bernama .
Prime Minister Datuk Seri Najib Tun Razak said to date, the country had achieved a per capita Gross National Income (GNI) of US$10,010 (RM42,908) compared with US$8,230 in 2010.
Yeah said the NTP had also recorded excellent achievements, whereby the gap towards attaining a high-income threshold, had reduced to 18 per cent today from 33 per cent in 2010.
"The narrowing gap between the high-income threshold and the country's GNI is also an indicator that we are no longer stuck in the middle-income trap," he added.
Meanwhile, according to the Performance Management and Delivery Unit (Pemandu) which manages the ETP, to turn Malaysia into a high-income economy, there is a need to lift the GNI to US$523 billion by 2020 or raise per capita income from US$10,010 to at least US$15,000.
When the ETP was first introduced in 2010, the exchange rate was RM3.2 to the US$1. In 2015, the ringgit declined to RM4.2 and the current exchange rate is RM4.4.
The NTP has also helped raise the quality of life for everyday Malaysians in an inclusive way, such as through the completion of 5,286 km of rural roads, connected 144,025 rural houses to reliable electricity supply, seen 1.68 million people living in 334,593 rural houses having access to clean water, as well as having built and restored 79,137 houses to benefit 412,360 people.
Yeah said through the NTP as the model of national socio-economic transformation, Malaysia has been recognised by many global institutions, academic groups and governments in the last seven years, and this was definitely a great achievement.
-- BERNAMA
Bernama
Sat Jul 29 2017
NTP had also recorded excellent achievements, whereby the gap towards attaining a high-income threshold, had reduced to 18 per cent today from 33 per cent in 2010.
Boling Padang: Farah Ain muncul juara dunia!
Farah pamer aksi luar biasa dalam penampilan sulungnya di pentas bertaraf dunia dengan kemenangan straight sets 6-2 dan 6-3.
Sultan Nazrin, Tuanku Zara hadiri majlis Aidilfitri PDRM Perak
Sultan dan Raja Permaisuri Perak berkenan berangkat menghadiri Majlis Sambutan Aidilfitri PDRM Kontinjen Perak 2024.
Nahas helikopter Lumut: Kebajikan, pendidikan anak-anak wira dipastikan tidak terabai - Menteri
Kementerian Pendidikan lakukan susur tindak bagi memastikan kebajikan 10 orang anak mangsa nahas helikopter dijaga sehingga tamat persekolahan kelak.
Bintang TikTok Iraq, Umm Fahad ditembak mati di luar rumah
Pihak berkuasa Iraq umum penubuhan "jawatankuasa siasatan khas- untuk menjejaki pembunuh yang tidak dikenali itu.
PM Anwar tiba di Riyadh untuk hadiri Mesyuarat Khas Forum Ekonomi Sedunia
Perdana Menteri Anwar tiba di Riyadh dalam rangka lawatan tiga hari bagi menghadiri Mesyuarat Khas Forum Ekonomi Sedunia (WEF).
Jemputan peribadi ke Mesyuarat Khas WEF bukti keakraban Putera Mahkota Mohammed, PM
Ini merupakan lawatan keempat Anwar ke Arab Saudi sejak dilantik sebagai Perdana Menteri.
Kerajaan Pusat peruntuk RM1.59 bilion untuk pembangunan fizikal di Terengganu
Peruntukan tersebut melibatkan 99 projek baharu dan 296 projek sambungan di bawah Rolling Plan 4 (RP4) Rancangan Malaysia ke-12 (RMK12).
Pahang rancang wujudkan zon perindustrian di setiap daerah
Kerajaan Pahang rancang wujudkan zon perindustrian di kesemua 11 daerah di negeri ini bagi menggalakkan kemasukan lebih banyak pelaburan asing khususnya dari China.
Kertas kabinet wujud sektor sukan dibentang dalam tempoh sebulan - Hannah
Hannah berkata dengan data yang lebih menyeluruh melibatkan sektor industri sukan nanti, pihaknya akan mampu merangsang pertumbuhan sukan di negara ini dengan lebih baik.
Tiga Syarikat Semikonduktor umum melabur di Pulau Pinang - Kon Yeow
Tiga syarikat semikonduktor dari China menyatakan komitmen untuk membuat pelaburan baharu di Pulau Pinang.
WTCKL diiktiraf International Business Review ASEAN Awards
Irmohizam menzahirkan ucapan jutaan terima kasih kepada The International Business Review atas pengiktirafan berkenaan.
COVID-19: Pelanggan tembak tiga pekerja restoran makanan segera selepas dilarang makan dalam restoran
Suspek diberitahu oleh pekerja restoran itu bahawa ruang makan ditutup dan hanya 'drive-thru' sahaja dibuka.
Bertahun bina empayar, Asyraf Khalid kongsi di sebalik jatuh bangun dunia niaga
Menurut pengusaha jamu Mutyara Beauty itu, dia sentiasa dilontarkan dengan tanggapan negatif sesetengah pihak kononnya hanya bernasib baik kerana pengaruh bapanya.
COVID-19: RM4.5 billion fund to help small, medium enterprises and micro entrepreneurs
Prime Minister said the allocation would be channelled through five key initiatives.
Maxis Business SPARK Summit tampil pemikiran bersama dalam memacu transformasi digital di Malaysia
Lebih dari 500 pemimpin perniagaan tempatan dan antarabangsa dari sektor Korporat, Kerajaan dan PKS tempatan menyertai Maxis Business SPARK Summit 2019 pertama.
Kaji selidik Monash: Pemimpin korporat Cina puas hati dengan PH
Dalam kaji selidik yang melibatkan 390 responden itu, 50 peratus pemimpin korporat Cina berpuas hati, diikuti pemimpin Melayu (39 peratus), dan pemimpin India (38 peratus).
Syarikat tembakau terbesar dunia seru perokok berhenti merokok
Kaji selidik terbaharu oleh Philip Morris International Inc. (PMI) adalah sebahagian daripada kempen 'Unsmoke' yang menyeru agar semua berhenti merokok.
Kerjasama SME Bank, TM dan Commerce.Asia bantu usahawan dalam transformasi digital
SME Bank bersama Telekom Malaysia Berhad dan Commerce.Asia menandatangani dua Memorandum Persefahaman (MoU) pada Selasa.
Pengasas produk The Ordinary ditemui mati
Sehari sebelum kematiannya, Brandon Truaxe telah memuat naik beberapa video berkelakuan pelik ke Instagram.
Here are the three considerations we had when we did the Budget - Tony Pua
Damansara MP Tony Pua explained the three major considerations on what went into the development and execution of Budget 2019.