PROOF IS IN OUR ECONOMIC GROWTH
Hardworking Malaysians, ETP have kept inflation and unemployment low, says Najib
THE bold moves by Malaysia in changing its development policies have produced results, as evidenced by the nation’s phenomenal economic growth. The prime minister shares Malaysia’s success stories with delegates at the 13th WIEF in Kuching.
THE bold and sometimes unpopular steps the government takes to spur development have produced results, and this is reflected in the nation’s economic growth, said Prime Minister Datuk Seri Najib Razak.
Sharing Malaysia’s success stories during the opening of the 13th World Islamic Economic Forum (WIEF) yesterday, Najib cited how the government’s Economic Transformation Programme (ETP) introduced seven years ago had changed the country’s socio-economic landscape.
Najib, who is also finance minister, said since ETP’s inception, it had created 2.26 million jobs and raised the gross national income by almost 50 per cent.
“Hasn’t the programme kept inflation and unemployment low, putting Malaysia in the path of reducing the deficit from 6.7 per cent in 2009 to three per cent this year?
“It has, along with the efforts of millions of hardworking Malaysians, indeed it has done so,” said Najib in his keynote address.
Among those in attendance were Comoros Vice-President Djaffar Ahmed Said Hassani, Republic of Tatarstan President Rustam Nurgaliyevich Minnikhanov, Morocco Head of Government Dr Saad Eddine El Othmani and Islamic Development Bank vice-president Dr Mohamed Nouri Jouini.
Others were former prime minister Tun Abdullah Ahmad Badawi, who is also WIEF founder, and WIEF Foundation chairman Tun Musa Hitam.
Najib said Malaysia was ranked first among 73 countries in the Global Islamic Economy Indicator in the State Global Islamic Economy 2016/2017 report by Thomson Reuters.
“Malaysia was awarded first place with a score 50 per cent higher than the second-placed country (the United Arab Emirates).
“In the six sub-sections, Malaysia was also placed first for Islamic finance and second for halal travel, halal pharmaceuticals and cosmetics,” he said, adding that the report described Malaysia as having “the best developed ecosystem for Islamic finance and having the strongest regulatory framework”.
He said Malaysia generated US$2.3 billion (RM9.53 billion) from the e-commerce sector as the country geared towards becoming a regional e-commerce hub through the Digital Free Trade Zone.
Despite these achievements, Najib said, Malaysia, like other nations, could not afford to remain static due to the demands of the Fourth Industrial Revolution (Industry 4.0).
“If we don’t adjust our policies, our nation will lose its competitive edge and will be overtaken by other countries. We are a responsible government and responsive to disruptive change.
“Sometimes, that will mean pushing for change.”
He highlighted the importance of revamping the education system for any country to embrace Industry 4.0 and prepare for a different world.
“We must equip our young people with higher-order thinking skills so that they are open-minded, creative and innovative, and ready to adapt to jobs that are not yet even in existence today.”
Recognising the importance of preserving the environment for future generations as Industry 4.0 approached, Najib called for a strong collaboration between Malaysia, Indonesia and Brunei to maintain Borneo’s richness in natural resources and beauty.