Summary Malaysia to Achieve High Income Status Between 2024 and 2028, but Needs to Improve the Quality, Inclusiveness, and Sustainability of Economic Growth to Remain Competitive www.worldbank.org
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Malaysia sets a goal of attaining high-income status within the next few years through quality, inclusive, and sustainable economic growth.
Slides
Slide Presentation (7 slides)
Key Points
- Malaysia is projected to achieve high-income status between 2024 and 2028.
- The COVID-19 pandemic has slowed down Malaysia's progress towards high-income status.
- Bold reforms are needed to improve the quality, inclusiveness, and sustainability of Malaysia's economic growth.
- Malaysia aims to become a high-income economy with sustainable and shared growth.
- The Malaysian government is committed to investing in human capital, productivity, innovation, and private sector growth.
- Malaysia will need to boost economic growth, improve competitiveness, create high-quality jobs, strengthen institutions, ensure greater inclusion, and finance the transition to high-income status.
Summaries
15 word summary
Malaysia aims to achieve high-income status by 2024-2028, requiring quality, inclusive, and sustainable economic growth.
59 word summary
Malaysia aims to achieve high-income status by 2024-2028, but must enhance the quality, inclusiveness, and sustainability of its economic growth. Its GNI per capita is $11,200, close to the high-income threshold. Despite setbacks from COVID-19, Malaysia is committed to UN Sustainable Development Goals and needs global competitiveness, tough reforms, job creation, strong institutions, inclusivity, and financial capacity to succeed.
151 word summary
Malaysia is projected to achieve high-income status between 2024 and 2028, but it must improve the quality, inclusiveness, and sustainability of its economic growth to remain competitive. Currently, Malaysia's Gross National Income (GNI) per capita is $11,200, just $1,335 short of the threshold for a high-income economy. The COVID-19 pandemic has slowed progress, but the country has the opportunity to undertake bold reforms and ensure equitable growth. The Malaysian government is committed to assessing growth quality and has embraced the United Nations' Sustainable Development Goals. To transition successfully, Malaysia needs to compete globally and implement tough reforms. The report emphasizes the need for different policies and institutions to improve economic growth quality, inclusiveness, and sustainability. Malaysia must boost economic growth, enhance competitiveness, create high-quality jobs, strengthen institutions, promote inclusion, and strengthen its capacity to finance the transition. By implementing these recommendations, Malaysia can achieve high-income status and create a prosperous future.
428 word summary
Malaysia is projected to achieve high-income status between 2024 and 2028, but it needs to improve the quality, inclusiveness, and sustainability of its economic growth to remain competitive. According to a World Bank report titled "Aiming High: Navigating the Next Stage of Malaysia's Development," Malaysia's Gross National Income (GNI) per capita is currently at $11,200, just $1,335 short of the threshold for a high-income economy. The COVID-19 pandemic has slowed progress towards this goal, but the country has the opportunity to undertake bold reforms and ensure that the benefits of growth are shared by all segments of the population.
The Malaysian government has committed to assessing the quality, inclusivity, and sustainability of the country's growth. It recognizes the need to invest in developing high-quality human capital, implementing next-generation reforms for higher productivity, and promoting innovation-led private sector growth and policies. The government has also embraced the United Nations' Sustainable Development Goals in its annual budgets. These measures will contribute to sustainable growth and help Malaysia recover from the COVID-19 crisis, achieve high-income status within the next five years, and realize its Shared Prosperity Vision by 2030.
To successfully transition to a high-income economy, Malaysia needs to compete at the global frontier. The country aims not only to become a high-income economy but also to ensure that growth is sustainable and shared. The World Bank report benchmarks Malaysia against regional peers in ASEAN, as well as against advanced economies in the OECD and other countries that have successfully transitioned from middle- to high-income status. Malaysia possesses the necessary attributes to make this leap, but it will require bold measures and tough reforms.
The report highlights that Malaysia's previous development model is no longer sufficient for its next stage of development. The country needs different policies and institutions to improve the quality, inclusiveness, and sustainability of economic growth. To prepare for the income transition and avoid lagging behind other high-income economies, Malaysia must boost economic growth, enhance competitiveness, create high-quality jobs, strengthen institutions, promote inclusion, and strengthen its capacity to finance the transition to a high-income and developed nation status.
This World Bank report provides valuable insights and recommendations for Malaysia's future development. It emphasizes the importance of sustainable and inclusive growth, as well as the need for reforms to ensure Malaysia's competitiveness in the global market. By implementing these recommendations, Malaysia can successfully achieve high-income status and create a prosperous future for all its citizens.
For more information and to access the full report, visit the World Bank's website at https://openknowledge.worldbank.org/handle/10986/35095.
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