Malaysia’s gross domestic product (GDP) will grow at 5-6 percent annually until 2020, Malaysian Prime Minister Najib Razak announced on May 21.

He pledged to create more jobs and affordable housing for the residents, adding that the country’s growth will result in a 7.9 percent per annum rise in gross national income (GNI) per capita while dwindling the dependence on oil-related revenue by nearly half.

The country’s five-year plan is aimed at leading the Southeast Asian nation to its goal of becoming a fully developed economy by 2020. It comes at a time when Malaysia is navigating through a tricky economic environment of slumping energy prices and the depreciation of the ringgit, which dropped to six-year lows against the dollar.

The PM said that the GNI per capita will reach 54,100 ringgit (15.690 USD) in 2020, with the monthly household income hitting 10,540 ringgit (2,926 USD) from 6,141 ringgit (1705 USD) in 2014.

Apart from commitment to building over 600,000 new houses, the plan also creates opportunities for Malaysians to access housing, education and health care.

Malaysia's dependence on oil-related revenue will decline to 15.5 percent by 2020, from just under 30 percent of revenue currently.-VNA