Malaysia To aim as top income economy By 2024-2028, Says World Bank

In its recent report with the caption “Targeting Top — Acheiving the Next Phase of Malaysia’s Development”, World Bank announces Malaysia‘s gross national income per capita stood at US$11,200 (RM46,077), with up to date estimation, only US$1,335 short of the current threshold level meaning a high-income economy, reported Bernama.                                                                                                                                                                        "Malaysia has the goal to achieve more than a high-income economy, nevertheless in which growth is shared and sustainable,” said World Bank vice-president for East Asia and Pacific Victoria Kwakwa as quoted by Bernama.  Kwakwa mentioned Malaysia have all the essential factors to become a high-income economy but achieving the next phase of development would need venturing action and challenging reforms. She stated that the development that implemented in the history is not more than enough to assist the country achieving the coming phase of development. Therefore, a unique kind of laws and institutions are required to enhance the quality, inclusiveness, and sustainability of its coming economic growth.                                                                                                          

It was reported that Malaysia will need to seek method to enhance its competitiveness, upgrade economic growth, improving institutions, achieving high-quality jobs, make sure better inclusion and also improving its capacity to fund the transition to high-income nation state. At the same time, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz stated the COVID-19 pandemic’s effect has slow down the country’s progress towards the threshold.