People seen walking on a main street in Kuala Lumpur, Malaysia on January 31, 2021. (Photo: Xinhua/VNA)Kuala Lumpur (VNA) – Malaysia will become a high-income economy between 2024 and 2028, a reflection of the country’s economic transformation development trajectory over the past decades, according to the World Bank’s flagship report “Aiming High – Navigating the Next Stage of Malaysia’s Development”.
At a virtual conference on March 16 to launch the report, Malaysian Finance Minister Tengku Abdul Aziz said Malaysia has built good foundations but also recognises the need to invest more in developing high-quality human capital, next-generation reforms as well as innovation-led private sector growth and policies.
The World Bank said further reforms are required to successfully join the ranks of other leading and developed economies.
Representing the World Bank Group, Vice President for the East Asia and Pacific Region Victoria Kwakwa stressed Malaysia has the ambition to become not just a high-income economy, but one in which growth is sustainable and shared.
Malaysia’s gross national income (GNI) per capita is 11,200 USD according to the latest estimates, only 1,335 USD short of the current threshold level that defines a high-income economy./.
