‘EQUAL OPPORTUNITY FOR ALL’
Reassessment of growth speed, including quality, inclusivity and sustainability, needed
MALAYSIA’S aspiration to be a high-income economy and improve the living standard of the population requires reassessment of its growth speed, including quality, inclusivity and sustainability.
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said it was crucial for all Malaysians to be given an equal opportunity to work in the country.
“Greater resources will need to be invested in building highquality human capital and in facilitating greater economic opportunities, especially for women,” he said at the launch of World Bank’s “Aiming High: Navigating the Next Stage of Malaysia’s Development” report, here, yesterday.
The report sets out a roadmap for Malaysia to fulfil its aspiration to become a high-income economy and sustain equitable growth post-Covid-19 pandemic.
Tengku Zafrul said next-generation reforms to increase productivity and innovation-led private sector growth would also be required, alongside policies to promote the development of skills and talents.
“This is to ensure that Malaysians are better placed to embrace the opportunities and challenges of a post-pandemic economy,” he said.
The government will also continue to strengthen the country’s revenue base and improve its tax framework while building capacity along the whole supply chain.
“Strengthening our entrepreneurial and startup culture will help Malaysia progress towards becoming a high-income nation,” he said, adding that Malaysia must chart a new course for more knowledge-intensive and productivity-driven growth.
Tengku Zafrul said the government needed to re-look the way policies were set and the roles of government and institutions to improve Malaysia’s socio- economic growth.
The government has also increasingly embraced the United Nations Sustainable Development Goals (SDGs) in its annual budgets.
“The 2021 Budget features more measures that promote inclusive socio-economic development and environmental sustainability. This is aimed at achieving a more sustainable growth through a strategic, targeted, on-point, and outcome-based mediumterm economic plan.”
As Malaysia positions itself for the next phase of its development, efforts like these will be complemented by the SDGaligned
12th Malaysia Plan and the Shared Prosperity Vision 2030.
“Despite the challenges posed by the pandemic, Malaysia remains committed to becoming a high-income nation.
“To get there, we will require perseverance, and openness to reimagine our future, and improved policies and institutions to achieve quality, inclusive and sustainable growth for Malaysia,” he added.