Malaysia Towards a High Income, Inclusive and Sustainable Economy by 2020
The Malaysian Government have plans and
schemes to accelerate economic growth within five-years’ time. The Government plans to increased multi-factor of productivity which to
increase the growth of GDP up to 40%, while that of capital is expected to be reduce
to 44% and 16% for labor. Higher productivity growth could be achieved through
comprehensive initiatives at all levels and championed by industry
players. To raise industrial productivity, innovation ecosystem will be
enhanced to elevate productivity through new or improved processes and
technologies.
The Malaysian government has released its
eleventh economic development plan for the years 2016 to 2020 with
ambitious economic plans, it details the
goals and future implementations of the various strategies that will be
implemented in the coming years in accordance with the ultimate
goal to make Malaysia a high income economy by 2020.
The eleventh economic plan for Malaysia identifies six "Strategic Thrust", key points along which the economic policies will focus to ensure Malaysia reaches its goal. Development should be focus as a whole including the economic sense, politics, technologies, social, spiritual and cultures.
Next, the Economic Transformation Programme (ETP) is the government’s
comprehensive effort to propel the country forward towards becoming a
high-income nation by 2020, and will be achieved by making changes and
improvements to selected areas of the country’s economy. The twelve areas
chosen for the focus of the ETP are known as National Key Economic Areas (NKEAs)
and each was chosen for its potential to contribute towards the economic growth
of the Malaysian economy.
The twelve NKEAs are based on eleven industries and one geographic area
and are as follows: Oil, Gas and Energy; Palm Oil; Financial Services; Tourism;
Business Services; Electronics and Electrical; Wholesale and Retail; Education;
Healthcare; Communications, Content and Infrastructure; Agriculture; Greater
KL.
These twelve NKEAs have a total of 131 Entry Point Projects (EPP), which
together work towards making Malaysia a high-income nation by 2020. Focus will
be placed on creating projects in these various areas, although the portfolio
of NKEAs will evolve over time, depending on the performance of various sectors
of the economy.
Besides to increases the
Malaysian GDP and national
income per capita above USD 15,000, the key target for the
whole plan is to increase the employment opportunities for citizen while
decrease the unemployment rate in this country. The government plans are to
reduce the crime rate by improving people’s sense of security. Restructuring
citizen healthcare system and moving from strategies that emphasise treatment
to wellness and disease prevention to improve the quality of healthcare
services and universal access for treatments. Lastly, ensuring the quality and
affordable housing and meeting the needs of growing population by matching
demand and supply while promoting an efficient and sustainable housing
industry. Thus, these are the plans, objectives and strategies made that will
drive our country towards a high income, inclusive and sustainable economy by
2020.
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