KUALA LUMPUR, May 21 – Prime Minister Datuk Seri Najib Tun Razak present the essence of RMK11 (Rancangan Malaysia Ke-11) for 2016-2020 in Parliament here today as:
- Theme: The centered growth people.
- 5-year plan to strengthen the government’s commitment to the people and the confidence that growth can not be measured by economic success alone.
- Program recognizes people’s welfare, and commitment to inclusive and sustainable growth, should be a developed nation.
- Malaysia’s economy to benefit from the prospect of a stronger world economy, the recovery in commodity prices and global inflation low.
- RMK-11 also saw the post-2020 Malaysia remains as an open economy and more integrated in the regional and global levels.
- Malaysia’s GDP in 2030 reached RM2.6 trillion (RM1.4 trillion in 2020)
- Over 40 per cent of total employment will consist of skilled workers in 2030 (2020: 35 percent)
- GDP per capita is expected to increase more than doubled to RM117,260 in 2030 (2020: RM54,890)
- World trade is expected to increase to US $ 44 trillion in 2030 (US $ 26 trillion projected for 2020)
- RMK-11 target is targeting real Gross Domestic Product grew 5.6 percent annually
- Labor productivity increased to RM92,300 in 2020 (2015: RM77,100)
- Gross National Income (GNI) per capita to reach RM54,100 (US $ 15,690) in 2020
- Average monthly household income increased to RM10,540 in 2020 (2014: RM6,141)
- Workers’ compensation contribution to GDP increased to at least 40 per cent in 2020 (2015: 34.9 percent)
- Malaysia Wellbeing Index (SMI) rose by 17 per cent annually, an indication of increasing people’s welfare
- Inflation remained low at under 3.0 percent
- 1.5 million jobs will be created in 2020
- Growth will be driven by the private sector with private investment growing at 9.4 percent per annum
- Manufacturing and services sectors accounted for more than 75 percent of GDP
- The balance of payments is expected to remain in surplus of 2.6 percent of GNI
- Total Federal Government debt continued to decline to less than 45 per cent in 2020
- Revenue grew by 7.9 per cent a year and the reliance on oil-related revenue decreased to 15.5 percent in 2020
- The introduction of GST will contribute revenue of RM31.4 billion annually over the next five years compared to RM15.5 billion collected through sales and service tax in the 10MP
- RMK11: Six strategic thrusts: –
- Strengthening inclusivity towards an equitable society.
- Increasing prosperity for all.
- Accelerate the development of human capital to developed countries.
- Moving towards green growth to enhance the sustainability and
durability. - Strengthening the infrastructure to support economic development.
- To engineer economic growth to increase prosperity.
