Institutional reforms, launch-pad towards achieving sustainable & equitable economic growth: PM

11 Oct 2019 / 16:21 H.

KUALA LUMPUR: Tun Dr Mahathir Mohamad (pix) said the various institutional reforms implemented by the government, served as the launch-pad towards achieving a more sustainable and equitable long-term economic growth for the country’s society.

The prime minister said the government has worked hard since securing the mandate after the May 2018 general election, in implementing these institutional reforms to combat corruption, protect liberties, enhance governance and restore the health of public finance.

These reforms were being carried out to regain the people’s trust in public institutions and restore Malaysia’s reputation in the eyes of the world, he said in the foreword of the Economic Outlook 2020 released by the Ministry of Finance today.

Mahathir stressed that if Malaysia is to become a stable and developed economy, the dividend from the country’s growth must be felt by all segments of the society.

“Our reforms have borne fruits and made our economy more resilient in the face of external pressures, particularly arising from persistent trade war between China and the United States,“ he added.

Despite the widespread global economic slowdown, Malaysia’s Gross Domestic Product (GDP) growth accelerated to 4.9% in the second quarter of 2019, from 4.5% in the previous quarter, thus, making Malaysia as among the few countries in the world that witnessed stronger expansion this year.

However, more needs to be done, stressed the prime minister.

To this end, the government has formulated the Shared Prosperity Vision 2030, an overarching goal of raising the living standards of all Malaysians to a decent level by the year 2030.

There are three objectives to be fulfilled under the shared prosperity agenda namely to address income and wealth inequality in the society so that no one is left behind; to create a more progressive and more participatory higher value economy, and, to establish Malaysia as one of the leading economic pillars in Asia.

Meanwhile, as part of the shared prosperity agenda to raise the living standards of the rakyat, the government would put in more effort in attracting high value-added, high technology and knowledge-intensive manufacturing investment into the country.

This, Mahathir said, would create new higher-skilled and better-paying jobs for more Malaysians, while completing the domestic value chain fo the five industries as targeted by the Industry4WRD policy namely the electrical and electronics (E&E), machinery and equipment, chemical and chemical products, aerospace and medical devices.

Meanwhile, tourism, private healthcare and professional services, as well as retail trade and food & beverages, are among areas identified for further development under the services sector.

“These major listed initiatives are only some of the steps we are taking to propel Malaysia into the ranks of high-economies. But these efforts will fail if we are divided. It is important to realise that regardless of our backgrounds, all of us have a stake under the Malaysian sun. Only when we share, the ideals can we fulfil our dreams,” he said. — Bernama

email blast