12MP: Annual GDP target for S’wak falls short of state’s goal — Wee
KUCHING: The 12th Malaysia Plan (12MP) measures expected to raise Sarawak’s annual Gross Domestic Product (GDP) growth to 5.3 per cent falls short of the state’s own target of eight per cent to become a developed state, said Datuk Richard Wee.
The Sarawak Federation of Chinese Associations president said that while the emphasis was placed on Sarawak and Sabah under the 12MP announced by Prime Minister Datuk Seri Ismail Sabri Yaakob yesterday morning, it was not in line with Sarawak’s goal.
“That simply means that we in Sarawak will have to have our own long-term strategic development plan to make up for the shortfall highlighted in the 12MP,” he
told The Borneo Post.
Wee hoped the 12MP will spur the revival of the country’s economy with the federal and state governments working closely together to take the opportunity to bridge the gap of the annual GDP rate of eight per cent which is targeted by the Sarawak government in achieving a developed state status by the year 2030.
According to the Economic Planning Unit (EPU), the implementation of measures under the 12MP is expected to increase Sabah’s and Sarawak’s annual GDP growth to 6.5 per cent and 5.3 per cent, respectively.
Wee however felt that the 12MP emphasises many areas and sectors particularly in rural infrastructure development.
He added that the setting up of an ecosystem for all sectors of the economy for a more robust engine of growth was welcomed.
“Digital economy, modernisation of agriculture, development of industrial sectors, strengthening of oil and gas and the enhancement of services sector are all included in the 12MP.
“The efforts of narrowing the economic gap between urban and rural are also addressed,” he pointed out.
However, Wee hoped that the government will place emphasis on offering assistance to small and medium enterprises (SMEs) as they are the main engine of growth for the country.
He asserted that more expansion on the social safety net should be widened to assist those who are badly affected by the Covid-19 pandemic.
“And to kick start the process of recovery, we hope that the Ministry of Finance can consider a short threemonth waiver of interest payment for all sectors that have been badly affected by the pandemic.
“All these short, medium and long-term measures would certainly impact positively on the national recovery of the economy of our nation,” he said.