Minister says all the initiatives will be outlined in the 12MP and spill over into the 13MP
by SHAHEERA AZNAM SHAH / pic by RAZAK GHAZALI
MALAYSIA will push for a realignment of the countrys economy over the next 10 years as the old economic model of manufacturing, commodity and labour-intensive operations would hamper future growth.
The country for decades had been dependent on manufacturing from investment abroad, which created jobs but had failed to push for innovation and development of our own homegrown products.
Dependence on manufacturing and commodity had also stifled salary growth and high-paying jobs.
Economic Affairs Minister Datuk Seri Mohamed Azmin Ali (picture) said all the initiatives to realign the countrys economy will be outlined in the 12th Malaysia Plan (12MP) 2021 2025 and spill over into the 13MP 2026-2030.
The government remains vigilant and continues to focus on strengthening Malaysias near-term resilience and advancing structural reforms to raise medium-term growth.
The countrys growth potential will be optimised by strengthening productivity and innovation as catalysts of growth. Emphasis will be placed on empowering the manufacturing sector to produce more high quality, diverse and complex products, he said in a statement yesterday.
Azmin said the RM56 billion allocated for the countrys development expenditure in 2020 will be utilised for 5,466 development projects to generate momentum and strengthen Malaysias longterm economic capacity.
From the total amount, RM53.2 billion will be allocated for 4,744 ongoing projects and the remaining RM2.8 billion will be set aside for 722 new projects.
Azmin said deeper focuses will be given to the high-growth sectors such as aerospace, electrical and electronics, medical devices production, machinery and equipment, as well as chemicals and chemical products.
The development and modernisation of the resource-based industries through research, development, commercialisation and innovation initiatives will also be given priority, he said.
Meanwhile, the governments [emailprotected] initiative announced in Budget 2020 is expected to support household spending for the next five years, coupled with the upward revision of minimum monthly wage, Azmin said.
Malaysias household spending will continue to be supported by wage growth and favourable employment prospects, in line with the [emailprotected] initiative announced in Budget 2020, with a total allocation of RM6.5 billion for the next five years.
The upward revision of the minimum monthly wage rate to RM1,200 beginning Jan 1 next year in 57 cities and municipalities across Malaysia, along with cash transfer programmes, income tax refund and lower cost of borrowings, is also expected to provide additional impetus to household spending, he said.
In boosting economic activities in the country, the government has identified 15 Key Economic Growth Areas as the new fundamentals of growth, including Islamic finance hub 2.0, Commodity Malaysia 2.0 and the Industrial Revolution 4.0.
Recognising the importance of infrastructure projects in boosting the countrys supply chain, Azmin said the government has emphasised some of the strategic projects in the 12MP.
During the first nine months of 2019, significant levels of foreign and domestic investments amounting to RM149 billion have been approved.
Recognising the importance of infrastructure projects to facilitate supply chains and the mobility of goods and people, several strategic projects will be continued in the 12MP such as the Pan Borneo Highway, East Coast Rail Link, Bandar Malaysia and GemasJohor Baru Electrified DoubleTracking Project, he said.
On the global front, Azmin said the country will continue to leverage on its open trade policy, especially in pursuing a greater unification with Asean.
Malaysia will continue to adopt an open trade and investment policy, particularly to pursue greater integration with Asean, leveraging on the regions large population size of more than 600 million people.
The hosting of the Asia-Pacific Economic Cooperation Summit and Visit Malaysia Year 2020 will be catalysts for growth, particularly for the tourism industry, he said.
On the performance of Malaysias economy, Azmin said the government is confident of achieving 4.8% in GDP growth next year due to the countrys strong macroeconomic fundamentals.
Malaysia has a highly diversified economic and export structure, supportive labour market, low and stable inflation, a strong and well-capitalised financial sector and a healthy current account surplus of the balance of payments.
This outlook is higher than the estimates by the International Monetary Fund at 4.4% and the World Bank at 4.5%, as the government remains committed to implementing its development priorities, he said.
- What happens to a government-based economy in a global pandemic? - CBC.ca - July 12th, 2020
- The Oil Price Crash: Will the Kremlin's Policies Change? - Russia Matters - July 12th, 2020
- Africa's economy will recover slower than expected - IMF - Quartz Africa - July 12th, 2020
- Reality check: A look at Trumps claims on coronavirus, the U.S. economy and Biden - Globalnews.ca - July 12th, 2020
- Herald: Perspective: Unlocking the economy safely - Oherald - July 12th, 2020
- Letters to the editor: On international students at NMSU - Las Cruces Sun-News - July 12th, 2020
- Johns Hopkins' dashboard: The people behind the pandemic's most visited site - CNN - July 12th, 2020
- Govt must rescue and revive mining sector to boost economic recovery; heres what needs to be done - The Financial Express - July 12th, 2020
- Strategy to spur the rural economy: Creating value and sustainable livelihood for migrants - The Financial Express - July 12th, 2020
- Room for more fiscal support in India in near term given severity of economic situation: IMF - The Financial Express - July 12th, 2020
- The costed 175bn green revolution for Scotland that creates 100000 jobs and pays for itself - HeraldScotland - July 12th, 2020
- Trust in Resilience: Empowering businesses to boost the economy - The Edge Markets MY - July 12th, 2020
- Which international destinations are reopening to tourists? - Wink News - July 12th, 2020
- Six candidates will face off in primary for Kitsap County Commissioner District 2 position - Kitsap Sun - July 12th, 2020
- Turning on the Lights for 450000 People in Rural Myanmar - Modern Diplomacy - July 12th, 2020
- LOOMING FREE FALL: How to save the Naira Experts - Vanguard - July 12th, 2020
- LOOMING FREE FALL: How to save the Naira, by Yusuf, Ife, Ogundadegbe - Vanguard - July 12th, 2020
- ASEAN delves into economics of conserving biodiversity - Philippine Information Agency - July 12th, 2020
- The wild economy: Changing the way we see and use wildlife and natural resources - Daily Maverick - July 11th, 2020
- Guest View: The show, and all other arts and culture, must go on - Seacoastonline.com - July 11th, 2020
- Keep the geeks in charge of the internet - The Japan Times - July 11th, 2020
- Room For More Fiscal Support In India In Near Term Given Severity Of Economic Situation: IMF - Inventiva - July 11th, 2020
- CT forum to address public-owned banks, which offer low-interest loans - Middletown Press - July 11th, 2020
- Canada joins Global Ocean Alliance: Advocates for protecting 30 per cent of the world's ocean by 2030 - Canada NewsWire - July 11th, 2020
- The wild decade: the 1990s laid the foundations for Vladimir Putins Russia - ThePrint - July 11th, 2020
- Govt must rescue and revive mining sector to boost economic recovery - The Financial Express - July 10th, 2020
- Room for more fiscal support in India in near term given severity of economic situation: IMF - Economic Times - July 10th, 2020
- Is nature conservation, a drain or a net contributor to global economy? Experts weigh in - Philippine Information Agency - July 10th, 2020
- Mining Weekly Infrastructure at core of business' R3.4-trillion economic recovery proposal - Creamer Media's Mining Weekly - July 10th, 2020
- Putting Together all the Pieces of the Sustainable Cooling-For-All Puzzle - R744.com - July 10th, 2020
- Andrew McAfee and the Myth of America's Green Growth - Foreign Policy - June 22nd, 2020
- Investing in public education worldwide is now more important than ever - Brookings Institution - June 22nd, 2020
- Point of Care (POC) Molecular Diagnostics Market Worth $2.39 Billion by 2027, Growing at a CAGR of 13.2% from 2019- Pre and Post COVID-19 Market... - June 22nd, 2020
- Why the real climate change fight is in Saskatchewan - Policy Options - June 22nd, 2020
- The power of supply chains and the circular economy - IT-Online - June 22nd, 2020
- Great Plains College Opening Limited Hand-on Training This Summer - SwiftCurrentOnline.com - June 21st, 2020
- Skilled response: Skilling can be a way out of the current economic crisis - The Financial Express - June 21st, 2020
- The Greater Bay Area: Integration, Differentiation and Regenerative Ecologies - ArchDaily - June 21st, 2020
- Predictions for Utilities in 2020 - Transmission & Distribution World - June 21st, 2020
- Dow Sets Targets to Reduce GHG Emissions, Stop Plastic Waste, and Drive Toward a Circular Economy - CSRwire.com - June 21st, 2020
- Canadian Mining Symposium closes with panel discussion on mining in the Yukon featuring the Deputy Premier, the Hon. Ranj Pillai - The Northern Miner - June 21st, 2020
- Gender economist Katica Roy: How to create a workplace that truly values Black women - NBC News - June 21st, 2020
- Tax reform is the key to creating fiscal space - The Daily Star - June 21st, 2020
- Ministers of 'Belt and Road Initiative' issue joint statement on combating COVID-19 - WAM EN - June 21st, 2020
- Environmental Peacebuilding in the Middle East: The Bridge Between Climate and Conflict - The McGill International Review - June 21st, 2020
- Future of the Forests : As the Nantahala and Pisgah national forests face a historic turning point, the planners are impassioned and the stakes are... - June 19th, 2020
- Indonesia 2020: Total Hospital & Medical Installed Base Mapping with COVID-19 Updates - Less Than 5% of the Total Beds in the Country Equipped to... - June 19th, 2020
- Groundswell Startups Partners with StarterStudio to Bring Idea & Build Stage Startup Programming to Brevard - SpaceCoastDaily.com - June 19th, 2020
- Vatican document on integral ecology: Safeguarding Creation is everyone's responsibility - Vatican News - June 19th, 2020
- A year of good and affordable kai in Papatoetoe - OurAuckland - June 19th, 2020
- Opinion: To kick-start Alberta's return to the global economy, we need to think local first - The Globe and Mail - May 16th, 2020
- Working to find more opportunities to diversify economy | Opinions - Mat-Su Valley Frontiersman - May 16th, 2020
- Assam CM asks Numaligarh Refinery to play proactive role in promoting agro-based economy - Economic Times - May 16th, 2020
- In a Post-COVID-19 World, the Only One Way Ahead for India Is Economic Federalism - The Wire - May 16th, 2020
- Jitters, optimism with Gov. Bakers plan to reopen economy during the coronavirus pandemic - Milford Daily News - May 16th, 2020
- How To Avoid 'Revenge Pollution' While Reviving the Economy - Earth911.com - May 16th, 2020
- COVID-19 is a Budget Challenge for StatesBut There Are Solutions - The Pew Charitable Trusts - May 16th, 2020
- COVID-19 Crisis: Understanding the State of Economy during and after the Lockdown - Economic and Political Weekly - May 16th, 2020
- Healthy Oceans: Keeping Asia and The Pacific Afloat - Jakarta Globe - May 16th, 2020
- Northern Dynasty Minerals: Alaska's Pebble Project Approaches Key Permitting Milestone As COVID-19 And Collapsing Oil Prices Threaten State's Economy,... - May 16th, 2020
- Should Sierra Leoneans be pawns on the SLPP-APC political chessboard? A Rejoinder - Sierra Leone Telegraph - May 16th, 2020
- ADA provides COVID-19 update in first-of-its-kind press conference to dental media - Dentistry IQ - May 16th, 2020
- In light of the pandemic, government's policies and programmes target social sector - The Kathmandu Post - May 16th, 2020
- The future of recycling: 4 experts explain - News - The University of Sydney - May 16th, 2020
- Bright Blue and WSP: Net zero more urgent than ever for government and business - Rail Professional Magazine - May 16th, 2020
- Healthy Oceans Needed To Keep ASEAN Afloat - The Asean Post - May 16th, 2020
- China would be shooting itself in the foot if it bans Australian iron ore - Small Caps - May 16th, 2020
- LETTER TO THE EDITOR: City should follow through with lowering taxes in midst of pandemic - Nanaimo News Bulletin - April 27th, 2020
- In the City: Resources and support for local businesses - Coloradoan - April 27th, 2020
- Why there isn't a one-size-fits-all plan for states to reopen their economies - Kiowa County Press - April 27th, 2020
- Absorbing the Shocks or Irreversible Damage? The Impact of COVID-19 on Africas Political Economy - Modern Ghana - April 27th, 2020
- Why States Need to Come up With Their Own Plans to Reopen Their Economies - The National Interest - April 27th, 2020
- Daily life grinds to a halt with empty streets, a rising death toll as coronavirus lays siege to Detroit - MLive.com - April 27th, 2020
- 'We will digitise assets to generate land-based taxes' - Guardian - April 27th, 2020
- Fortuna provides an update on its operations at the Caylloma Mine in Peru - Junior Mining Network - April 27th, 2020
- Thuli Madonsela: What if the poor mattered? - News24 - April 27th, 2020
- COVID-19: Steady Rewind Mode on Global Civilization - THISDAY Newspapers - April 27th, 2020
- Resource Based Economy | The Venus Project - April 26th, 2020
- RESOURCE BASED ECONOMY | Future by Design - April 26th, 2020
- Introduction to a Resource Based Economy - April 26th, 2020