KUALA LUMPUR – The wellbeing of the rakyat remains the unity government’s utmost concern and priority, as well as ensuring that the prosperity of the nation benefits all segments of society, said Prime Minister Datuk Seri Anwar Ibrahim.
Anwar, who is also finance minister, said the unity government remains resolute to ensure all Malaysians are able to enjoy the fruits of the nation’s wealth and prosperity through sustainable and inclusive growth.
He said, recognising this, the “Madani Economy: Empowering People” framework launched on July 27 was formulated with the utmost priority to serve the rakyat.
The prime minister said the framework will serve as the foundation for the recently announced policies, including the National Energy Transition Roadmap, the New Industrial Master Plan 2030 and the mid-term review of the 12th Malaysia Plan (12MP).
“In this regard, the government has envisaged seven targets to be achieved by the country within the next 10 years. These initiatives are anticipated to drive the nation’s economy, with a projected growth rate of 4 to 5% in 2024,” he said in the preface for the Economic Outlook 2024 released by the Finance Ministry today.
Anwar said it is vital to ensure that the economic pie distribution is fair and equitable, prioritising excellent healthcare services and quality education for all Malaysians.
He said in the context of employment and wages, salaries must commensurate with workers’ productivity.
“In addition, providing better social protection and public amenities, including transport, water and electricity supply, as well as broadband services, will create more equitable opportunities to improve the rakyat’s quality of life.
“An agile public service delivery supported by the digitalisation agenda is imperative to drive economic transformation,” he said.
Anwar said the government will also focus on progressively enhancing Malaysia’s fiscal sustainability by mobilising revenue as well as optimising expenditure to address leakages and wastages.
The prime minister said the execution of several policies announced recently, including the implementation of projects under the mid-term review of the 12MP, will solidify Malaysia’s efforts to become Asia’s most dynamic economy in the near future.
“The year 2024 is envisaged to be a promising year for Malaysia. While we may encounter challenges and structural changes, our resilience and capacity to innovate are formidable,” he said.
Anwar said amid the global economic slowdown, the Malaysian economy recorded a growth of 4.2% in the first half of 2023 and is expected to expand at approximately 4% in 2023.
He said the nation’s manageable inflation, favourable labour market conditions, healthy foreign reserves, current account surplus and high national savings, as well as robust financial sector and well-developed capital market, continue to sustain the economic momentum.
“The success in charting our economic growth and overcoming crises would not be possible without the sacrifice and dedication of the rakyat.
“The diversified structure of the Malaysian economy and our solid fundamentals built on the blood, sweat and tears of the rakyat over the years have bolstered the economy’s resilience and positioned us on a steady growth path,” he said.
He added that these factors, supported by firm policies and action plans anchored on the Madani economy framework, as well as the continuous implementation of pragmatic measures and initiatives laid by the government, will keep Malaysia’s economy strong and resilient. – October 13, 2023