KUALA LUMPUR: Malaysia is likely to achieve a transition to a high-income economy between 2024 and 2028, a reflection of the country's economic transformation development trajectory over past decades, according to the World Bank Group.
However, it said further reforms are required to successfully join the ranks of other leading and developed economies.
It said this in its latest report, "Aiming High -- Navigating the Next Stage of Malaysia's Development" which was launched online Tuesday.
Malaysia's gross national income per capita is at US$11,200 (US$1=RM4.11), according to the latest estimates, and is only US$1,335 short of the current threshold level that defines a high-income economy.
"Malaysia has the ambition to become not just a high-income economy, but one in which growth is sustainable and shared," World Bank vice-president for East Asia and Pacific, Victoria Kwakwa, said during the launch of the report.
The report was officially launched by Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz, while Minister in the Prime Minister's Department (Economy) Mustapa Mohamed addressed Malaysia's next development plan.
Kwakwa noted that a core feature of the report is benchmarking Malaysia against not just regional peers in ASEAN but also against aspirational peers -- the Organisation for Economic Cooperation and Development countries with advanced economies -- that Malaysia seeks to join, and, importantly against the 19 other countries that have successfully transitioned from middle to high-income status during the past 30 years.
She stressed that Malaysia has all the necessary attributes to make the leap but navigating the next stage of development will require bold measures and tough reforms.
Citing the report, she said that the development model that worked in the past is no longer enough to help Malaysia navigate the next stage of its development, hence, a different set of policies and institutions will be required to improve the quality, inclusiveness, and sustainability of economic growth in the future.
The report noted that to best prepare for this likely income transition and to ensure Malaysia does not trail behind other high-income and developed countries, the country will have to find ways to boost economic growth, improve its competitiveness, create high-quality jobs, strengthen its institutions, ensure greater inclusion, and strengthen its capacity to finance the transition to high-income and developed nation status.
Meanwhile, Tengku Zafrul said that progress towards the threshold has been slowed by the impact of the COVID-19 pandemic, but the country has the opportunity to undertake bold reforms to sustain future growth and to ensure that the proceeds of growth will benefit all segments of the population.
"The government is committed to continually assess the quality, inclusivity, and sustainability of Malaysia's growth.
"We have built good foundations but we also recognise the need to invest more in developing high-quality human capital to facilitate greater economic opportunities, next-generation reforms for higher productivity, as well as innovation-led private sector growth and policies," he said.
He noted that the government has also increasingly embraced the United Nations Sustainable Development Goals in its annual budgets.
He said all these would ensure sustainable growth through a targeted, outcome-based economic strategy, so that Malaysia can reap the opportunities of a post-pandemic economy.
Adding on, Tengku Zafrul said that these measures will enable Malaysia to be back on track to achieve a high-income nation status within the next five years, and its Shared Prosperity Vision by 2030.
Meanwhile, Mustapa said Malaysia needed to be able to compete at the global frontier as it looks to join the ranks of the world's high-income and developed economies.
"The 12th Malaysia Plan will set out our agenda for the next five years.
"It is the vehicle through which the government aims to steer Malaysia's recovery from COVID-19, propel our country towards high-income and developed country status and achieve our Shared Prosperity Vision," he said.
-- BERNAMA
Bernama
Tue Mar 16 2021
Malaysia is likely to achieve a transition to a high-income economy between 2024 and 2028, a reflection of the country's economic transformation development trajectory over past decades, according to the World Bank Group. REUTERS pic
Rakyat Israel desak kerajaan bawa pulang tebusan yang tinggal
Ribuan berkumpul di Tel Aviv pada Sabtu malam bagi mendesak kerajaan Israel mencapai perjanjian gencatan senjata dengan Hamas dan membawa pulang tebusan yang tinggal
Hamas keluarkan video dua tebusan Israel
Kumpulan pejuang Hamas mengedarkan video menampilkan dua tahanan Israel yang menyeru kepada Perdana Menteri Israel, Benjamin Netanyahu, untuk memenuhi perjanjian pembebasan mereka.
Israel sedia tangguh serangan ke atas Rafah
Israel bersedia menangguhkan serangan ke Rafah jika perjanjian pembebasan tahanan Hamas tercapai. Menteri Luar Israel, Israel Katz, menegaskan keutamaan pembebasan tahanan.
Restoran nasi kandar dibaling cat, polis kesan tiga lelaki
Cat merah tersebut terkena papan tanda dan pintu hadapan restoran yang mula beroperasi pada Sabtu.
Kawasan Beris Lalang terbakar lagi
Cuaca panas melampau di Kelantan menyebabkan kebakaran ladang dan semak di kawasan Beris Lalang. Penduduk dan pekebun mengalami kerugian
Ringgit dijangka diniaga dalam jajaran kecil
Ringgit Malaysia dijangka berada di sekitar 4.77 berbanding Dolar AS minggu depan, bergantung kepada keputusan FOMC dan data ekonomi AS
Bursa Malaysia dijangka diniagakan dalam jajaran kecil
Analisis terkini menunjukkan Bursa Malaysia berpotensi naik dalam jajaran kecil minggu depan, dengan pandangan positif terhadap kembalinya dana asing. Paras sokongan dan konsolidasi disebutkan.
PM tiba di Riyadh untuk hadiri mesyuarat WEF
Datuk Seri Anwar Ibrahim tiba di Riyadh bagi menghadiri Mesyuarat Khas Forum Ekonomi Sedunia. Beliau dijadual terlibat dalam dialog strategik, panel, dan pertemuan bersama pemimpin serantau
Battle Of The Reds: Legenda Liverpool masih bertenaga
Legenda Manchester United terpaksa akur dengan kekalahan kepada legenda Liverpool dengan jaringan 4-2.
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.
Mustapa Mohamed dianugerah Ijazah Doktor Kehormat AeU
Bekas Menteri di Jabatan Perdana Menteri (Ekonomi) Datuk Seri Mustapa Mohamed dianugerahkan Ijazah Doktor Kehormat oleh Asia e University (AeU).
2.1 juta pekerja asing di Malaysia sehingga Jun tahun ini - Mustapa
Jabatan Perangkaan Malaysia (DOSM) merekodkan 2.1 juta warga asing yang bekerja dalam pelbagai bidang, berada di Malaysia setakat Jun tahun ini.
Warga asing: Bilangan menurun berbanding 2020
Jabatan Perangkaan Malaysia (DOSM) merekodkan bilangan warganegara asing yang berada di Malaysia berkurangan daripada 2.7 juta orang pada 2020 kepada 2.4 juta tahun ini.
Malaysia mampu tawar banyak perkara berkaitan ekonomi halal, bidang lain dalam dunia Islam - Mustapa
Malaysia sebagai sebuah negara terkemuka dalam dunia Islam, mampu menawarkan banyak perkara terutama yang membabitkan amalan terbaik, perdagangan dan inovasi.
Jumlah penganggur turun, kadar pengangguran kekal 3.7 peratus
Kedudukan pasaran buruh pada bulan Ogos 2022 kekal stabil berikutan prestasi ekonomi yang semakin baik dan memberangsangkan.
Sektor pelancongan perlu dipertingkatkan, perkukuh ekonomi negara - Mustapa
Peruntukan RM200 juta menerusi Bajet 2023 bagi tujuan pemulihan sektor pelancongan dilihat salah satu usaha memulihkan ekonomi dalam negara.
Kerajaan semak semula kategori kumpulan pendapatan - Mustapa
Kerajaan akan menyemak semula kategori kumpulan pendapatan berdasarkan hasil Survei Pendapatan, Perbelanjaan dan Kemudahan Asas tahun 2022.
Malaysia kekal sebagai destinasi pelaburan menarik - Mustapa
Malaysia kekal sebagai destinasi pelaburan yang menarik untuk pengembangan perniagaan global dan serantau, kata Datuk Seri Mustapa Mohamed.
Impak penyusutan ringgit kepada bayaran hutang langsung kerajaan adalah kecil
Mustapa berkata kebanyakan hutang kerajaan adalah dalam nilai mata wang ringgit, khususnya Bil Perbendaharaan dan Sekuriti kerajaan.
Tanpa subsidi kerajaan, inflasi negara boleh cecah 10.6 peratus pada Ogos 2022 - Mustapa
Malaysia yang juga sebagai sebuah negara ekonomi kecil dan terbuka, tidak terkecuali daripada terkena tempias cabaran ekonomi global.