A vision for all Malaysians
A JUST, fair and inclusive distribution of the country’s economic wealth among all Malaysians – this is what the Shared Prosperity Vision 2030 (SPV 2030) is committed to achieving.
SPV 2030 is the government’s 10-year plan to ensure that Malaysia continues to develop in a sustainable manner.
It is part of a bigger effort by the government to strengthen political stability, increase the country’s prosperity and unite Malaysians.
SPV 2030’s main goal is to create a decent standard of living for all Malaysians in 2030 by achieving three objectives.
The first objective is to restructure the economy to ensure that the country’s development benefits all Malaysians.
The second is to tackle inequality which exists in the form of a wealth and income gap between income earners, ethnic groups and regions, among others.
This is to ensure that all Malaysians are empowered and none are left behind.
The third objective is to create a united, prosperous and dignified country that can emerge as an Asian economic axis.
In its aim to achieve those three objectives, SPV 2030 has 15 guiding principles (see graphic). Ultimately, SPV 2030 represents a paradigm shift in how the government views development.
Tun Dr Mahathir Mohamad, in his speech during the tabling of the mid-term review of the 11th Malaysia Plan in Dewan Rakyat last year, said the Pakatan Harapan government would no longer measure the country’s development solely through economic growth or GDP.
“We see the development from the aspect of increasing the people’s purchasing power and development that can be enjoyed by all citizens, or ‘shared prosperity’,” said the Prime Minister.
There are many reasons why Malaysia needs to relook its approach to development.
The country’s economy is not as diversified or value-added as it should be, with Malaysia’s current economic model still unable to fully utilise the resources and talents of the people.
There is also a need to transform the economy from one that is low-skilled labour intensive to one that is anchored on the knowledge economy.
A relook is also needed in order to allow the government to tackle poverty more effectively.
This is because the main problem in addressing the issue is not tackling hardcore poverty but implementing effective policies to deal with relative poverty and help vulnerable groups and those who have inadequate retirement savings.
Malaysia faces a dilemma in handling such inequalities among different income groups, as well as ethnic groups and people in urban areas versus those in rural areas.
These reasons form the justification for why Malaysia needs a new development narrative in the form of a Shared Prosperity Vision.
We see the development from the aspect of increasing the people’s purchasing power and development that can be enjoyed by all citizens, or ‘shared prosperity’. Tun Dr Mahathir Mohamad