Summary KWSP - Malaysia to achieve a transition to high-income economy in 2024-2028 – World Bank www.kwsp.gov.my
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Malaysia sets target for achieving high-income status by 2024-2028 through sustainable growth, prioritizing economic growth, competitiveness, and job creation.
Slides
Slide Presentation (8 slides)
Key Points
- Malaysia is likely to achieve a transition to a high-income economy between 2024 and 2028.
- Further reforms are required for Malaysia to successfully join the ranks of other leading and developed economies.
- Malaysia's gross national income per capita is close to the threshold level that defines a high-income economy.
- Malaysia aims to become a high-income economy with sustainable and shared growth.
- Navigating the next stage of development will require bold measures and tough reforms.
- To prepare for the income transition, Malaysia needs to boost economic growth, improve competitiveness, create high-quality jobs, strengthen institutions, ensure greater inclusion, and strengthen its capacity to finance the transition.
- Progress towards the high-income threshold has been slowed by the impact of the COVID-19 pandemic.
- Malaysia needs to invest in developing high-quality human capital, next-generation reforms for higher productivity, innovation-led private sector growth, and policies aligned with United Nations Sustainable Development Goals.
Summaries
22 word summary
Malaysia aims for high-income status by 2024-2028, focusing on sustainable growth. Key areas for improvement include economic growth, competitiveness, and job creation.
90 word summary
Malaysia aims to become a high-income economy by 2024-2028, focusing on sustainable and shared growth. The World Bank suggests benchmarking against regional peers and learning from successful transitions. Key areas for improvement include economic growth, competitiveness, job creation, institutions, inclusion, and financing capacity. Despite setbacks from COVID-19, investments in human capital, innovation, and sustainable development goals will drive Malaysia's high-income status. The government plans to invest in human capital and innovation-led growth through the 12th Malaysia Plan. Further reforms and benchmarking are needed for Malaysia to achieve its economic goals.
219 word summary
Malaysia is projected to become a high-income economy between 2024 and 2028, as stated by the World Bank Group. The country is close to reaching the gross national income per capita threshold for a high-income economy. Malaysia's goal is not only to achieve high-income status but also to ensure sustainable and shared growth. To successfully transition, the World Bank emphasizes benchmarking against regional and aspirational peers and learning from successful transitions in other countries. Malaysia needs bold measures and tough reforms to navigate the next stage of development, as the previous model is no longer sufficient. Key areas that need to be addressed include boosting economic growth, improving competitiveness, creating high-quality jobs, strengthening institutions, promoting inclusion, and enhancing capacity for financing the transition. Despite the COVID-19 pandemic causing setbacks, Malaysia has the opportunity to undertake bold reforms for future growth. Investments in high-quality human capital, innovation-led private sector growth, and policies aligned with sustainable development goals will contribute to sustainable growth and achieving high-income nation status by 2028. The government aims to invest in human capital and embrace innovation-led growth through the 12th Malaysia Plan to steer the recovery from COVID-19 and propel the country towards high-income and developed status. Further reforms and benchmarking against successful transitions in other countries are necessary for Malaysia to achieve its economic goals.
403 word summary
Malaysia is expected to become a high-income economy between 2024 and 2028, according to the World Bank Group. Currently, the country's gross national income per capita is just $1,335 short of the threshold for a high-income economy. Malaysia aims not only to achieve high-income status but also to ensure sustainable and shared growth.
To successfully transition to a developed economy, Malaysia needs to implement further reforms. The World Bank emphasizes benchmarking against regional peers in ASEAN and aspirational peers like OECD countries. Learning from the experiences of 19 countries that have successfully transitioned to high-income status in the past 30 years is also crucial.
Victoria Kwakwa, World Bank Vice President for East Asia and Pacific, believes that Malaysia has what it takes to become a high-income economy. However, bold measures and tough reforms are necessary to navigate the next stage of development. The previous development model is no longer sufficient, and new policies and institutions are needed to improve the quality, inclusiveness, and sustainability of economic growth.
Several key areas must be addressed to prepare for the income transition and enhance Malaysia's competitiveness with other high-income and developed countries. These include boosting economic growth, improving competitiveness, creating high-quality jobs, strengthening institutions, promoting inclusion, and enhancing capacity for financing the transition.
Although the COVID-19 pandemic has slowed progress towards the income threshold, Malaysia has the opportunity to undertake bold reforms for future growth. The government is committed to assessing the quality, inclusivity, and sustainability of Malaysia's growth. Investments in high-quality human capital, next-generation reforms for higher productivity, innovation-led private sector growth, and policies aligned with the United Nations Sustainable Development Goals will contribute to sustainable growth and the achievement of high-income nation status by 2028.
Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz emphasizes the need for investing in high-quality human capital and embracing innovation-led private sector growth. The government aims to steer Malaysia's recovery from COVID-19 and propel the country towards high-income and developed country status through the 12th Malaysia Plan, which will set the agenda for the next five years.
In conclusion, Malaysia is on track to achieve a transition to a high-income economy in the coming years. However, further reforms and bold measures are necessary to ensure sustained growth, competitiveness, and inclusivity. By benchmarking against regional and aspirational peers and learning from successful transitions in other countries, Malaysia can navigate the next stage of development and achieve its economic goals.
454 word summary
Malaysia is projected to achieve a transition to a high-income economy between 2024 and 2028, according to the World Bank Group. The country's gross national income per capita is currently at US$11,200, just US$1,335 short of the threshold for a high-income economy. Malaysia aspires not only to become a high-income economy but also to ensure that growth is sustainable and shared.
In order to successfully join the ranks of developed economies, Malaysia will need to implement further reforms. The World Bank emphasizes the importance of benchmarking Malaysia against both regional peers in ASEAN and aspirational peers such as OECD countries with advanced economies. The report also highlights the need to learn from the experiences of 19 other countries that have successfully transitioned from middle to high-income status in the past 30 years.
According to Victoria Kwakwa, World Bank Vice President for East Asia and Pacific, Malaysia has all the necessary attributes to make the leap to a high-income economy. However, navigating the next stage of development will require bold measures and tough reforms. The previous development model is no longer sufficient, and a different set of policies and institutions will be required to improve the quality, inclusiveness, and sustainability of economic growth in the future.
To prepare for the income transition and ensure Malaysia's competitiveness with other high-income and developed countries, several key areas need to be addressed. These include boosting economic growth, improving competitiveness, creating high-quality jobs, strengthening institutions, promoting inclusion, and enhancing the capacity to finance the transition.
The COVID-19 pandemic has slowed progress towards the income threshold, but Malaysia has the opportunity to undertake bold reforms to sustain future growth. The government is committed to assessing the quality, inclusivity, and sustainability of Malaysia's growth. Investments in developing high-quality human capital, next-generation reforms for higher productivity, innovation-led private sector growth, and policies aligned with the United Nations Sustainable Development Goals will contribute to sustainable growth and the achievement of high-income nation status by 2028 and the Shared Prosperity Vision by 2030.
Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz emphasizes the need for Malaysia to invest in high-quality human capital and embrace innovation-led private sector growth. The government aims to steer Malaysia's recovery from COVID-19 and propel the country towards high-income and developed country status through the 12th Malaysia Plan, which will set the agenda for the next five years.
Overall, Malaysia is on track to achieve a transition to a high-income economy in the next few years. However, further reforms and bold measures are necessary to ensure sustained growth, competitiveness, and inclusivity. By benchmarking against regional and aspirational peers and learning from successful transitions in other countries, Malaysia can navigate the next stage of development and achieve its economic goals.