2024, a year to execute Madani Economy framework

PUTRAJAYA: This year will be about executing the Madani Economy framework and all the policies that the government put out last year, said Finance Minister II Datuk Seri Amir Hamzah Azizan.

He said the government has established clear guidelines for the economy to move forward.

“We are confident that we will be able to move along the path to execute the Madani Economy framework this year and all the policies that we put out last year,” Amir Hamzah told Bernama in his maiden interview since his appointment as Finance Minister II last December.

He also noted that there were signs that the global inflation environment was becoming more stable, which would help boost global economic growth, including Malaysia’s.

“Malaysia would be in the position to enjoy growth and the Finance Ministry is confident that Malaysia’s economy will grow between four and five per cent in 2024 amid global headwinds,” Amir Hamzah said.

The country’s economic growth for this year would also be anchored by sustained foreign direct investments (FDIs) and domestic direct investment (DDIs), he added.

Amir Hamzah said that in 2023, the government had effectively laid down its game plan in terms of how it would move forward, hence, the introduction of the Madani Economy framework.

Under the framework, the government has established strong policies such as the National Energy Transition Roadmap, the New Industrial Master Plan 2030 and the 12th Malaysia Plan mid-term review.

“The whole idea was to be clear of the direction we want to go so that everyone who is looking to come (and invest) in Malaysia is clear about the focus of the country,” he said.

Rebutting criticisms of the inability of the Madani government to revive the economy, Amir Hamzah said that the Malaysian economy is an open economy, where it is very much influenced by the external environment.

“You cannot use one measure as a sign of whether it is doing better or worse.

“You need some time to see whether there are improvements in the whole area.

“You have to give time for the game plan of the Madani Economy to be played out and at the same time, for the immediate priority to be addressed,” he said.

Amir Hamzah also said that Malaysians need to appreciate the importance of a better governance structure for the country.

“The fight against corruption and the push to improve efficiency aim to provide better services and delivery mechanisms to society,” he said.