Kuala Lumpur(VNA) – The Malaysian Government will focus on three main issues this year toachieve high-income nation status by 2026, including fiscal strengthening byfocusing on increasing revenue and spending rationalisation.
According to thecountry’s Ministry of Economy, Malaysia will identify new sources of growthincluding high-tech industries and prioritise digitisation such as electrics and electronics, aerospace, smart agriculture and biomass and reform the economicstructure towards a higher value chain.
The ministry said thatthe country’s government will identify new sources of growth includinghigh-tech industries and prioritise digitisation such as electricity andelectronics, aerospace, smart agriculture and biomass, along with reforming the economicstructure towards a higher value chain.
It will also focus on developing an economybased on the service sector, empowering micro, small and medium enterprises andencouraging research, development, commercialisation and innovation.
The gross national income (GNI) per capitaat current prices will increase from 42,823RM (9,546 USD) in 2020 to 52,819RM (11,775 USD) in 2022,the ministry said in a written response published on the parliament on March17.
The ministry said the country’s economicmodel needs to be adapted to the current situation and emphasis should beplaced on reforming the economic structure towards a higher value chain tostrengthen growth in all sectors.
Economic resources will be focused onbuilding Fourth Industrial Revolution (4IR) technology capabilities that arecapable of supporting the expansion and optimisation of 4IR technologies,namely artificial intelligence, internet of things, blockchain, cloud computingand big data analytics as well as advanced materials and technologies.
It said the government would also emphasisepotential sources of growth such as tourism-related sectors as well asagriculture and commodity-based sectors.
Malaysia still has agap of 9.1% to reach the level of a high-income nation.
The minimum GNI percapita threshold set by the World Bank is 13,206 USD in 2021 and preliminaryreviews show that Malaysia is expected to reach high-income nation statusbetween 2025 and 2026, it added./.
According to thecountry’s Ministry of Economy, Malaysia will identify new sources of growthincluding high-tech industries and prioritise digitisation such as electrics and electronics, aerospace, smart agriculture and biomass and reform the economicstructure towards a higher value chain.
The ministry said thatthe country’s government will identify new sources of growth includinghigh-tech industries and prioritise digitisation such as electricity andelectronics, aerospace, smart agriculture and biomass, along with reforming the economicstructure towards a higher value chain.
It will also focus on developing an economybased on the service sector, empowering micro, small and medium enterprises andencouraging research, development, commercialisation and innovation.
The gross national income (GNI) per capitaat current prices will increase from 42,823RM (9,546 USD) in 2020 to 52,819RM (11,775 USD) in 2022,the ministry said in a written response published on the parliament on March17.
The ministry said the country’s economicmodel needs to be adapted to the current situation and emphasis should beplaced on reforming the economic structure towards a higher value chain tostrengthen growth in all sectors.
Economic resources will be focused onbuilding Fourth Industrial Revolution (4IR) technology capabilities that arecapable of supporting the expansion and optimisation of 4IR technologies,namely artificial intelligence, internet of things, blockchain, cloud computingand big data analytics as well as advanced materials and technologies.
It said the government would also emphasisepotential sources of growth such as tourism-related sectors as well asagriculture and commodity-based sectors.
Malaysia still has agap of 9.1% to reach the level of a high-income nation.
The minimum GNI percapita threshold set by the World Bank is 13,206 USD in 2021 and preliminaryreviews show that Malaysia is expected to reach high-income nation statusbetween 2025 and 2026, it added./.
VNA
