KUALA LUMPUR, August 27 – In an ambitious economic vision, Malaysia is setting its sights on elevating its economy to become one of the top 30 economies in the world within the next 10 years, climbing from its current rank of 37th based on the World Bank’s data in 2022. This strategic goal will be achieved through a focus on enhancing competitiveness, increasing value chains, and prioritizing regional integration, as declared by Prime Minister Datuk Seri Anwar Ibrahim.
Speaking at the launch of the “Ekonomi Madani: Memperkasakan Rakyat” event on Thursday, Prime Minister Anwar emphasized that the primary objective is to restructure the economy and position Malaysia as a leading economic powerhouse in Asia. “If we are content with the current situation, our economy will continue to grow at a rate of 4 to 5 percent.” “However, if we strive diligently and implement reforms, we can achieve a growth rate of 5.5 percent, and I believe it is not impossible for us to achieve 6 percent growth,” he stated during his address.
As the Finance Minister, Anwar further emphasized the need for Malaysia to form stronger economic integration with neighboring countries, especially amid supply chain constraints experienced worldwide. “Hence, we need to nurture more highly competitive local companies to penetrate the ASEAN market,” he added. The Prime Minister highlighted that the government’s efforts should extend beyond free trade agreements.
“For instance, through trade diplomacy and strategic arrangements, we can foster bilateral and multilateral market integration and facilitate the movement of goods, capital, human capital, and technology-sharing with neighboring countries,” he explained. In addition to positioning Malaysia among the world’s top 30 economies, Anwar unveiled six other key benchmarks that “Ekonomi Madani” aims to achieve within the next decade:
- Attain a position within the top 12 in the Global Competitiveness Index.
- Increase the share of labor income to 45 percent of the total income (targeting 40 percent by 2025).
- Achieve a 60 percent female labor force participation rate.
- Rank within the top 25 in the Human Development Index.
- Attain a position within the top 25 in the Corruption Perception Index.
- Attain fiscal sustainability, with a fiscal deficit of 3 percent or lower.
Prime Minister Anwar’s vision represents a comprehensive roadmap to propel Malaysia towards greater economic prosperity and sustainability in the global landscape. The goals set forth in “Ekonomi Madani” hold significant potential to enhance Malaysia’s standing on the world stage and foster a more prosperous future for its citizens.
