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 economybetween 2024 and 2028, a reflection ofthe country’s economic transformation development trajectory over the past decades,according to the World Bank’s flagship report “Aiming High – Navigating theNext Stage of Malaysia’s Development”.
At a virtual conference on March 16 to launch the report, Malaysian FinanceMinister Tengku Abdul Aziz said Malaysia has built good foundations but alsorecognises the need to invest more in developing high-quality human capital,next-generation reforms as well as innovation-led private sector growth andpolicies.
The World Bank said further reforms arerequired to successfully join the ranks of other leading and developedeconomies.
Representing the World Bank Group, Vice President for the East Asia and PacificRegion Victoria Kwakwa stressed Malaysia has the ambition to become not just ahigh-income economy, but one in which growth is sustainable and shared.
Malaysia’s gross national income (GNI) per capitais 11,200 USD according to the latest estimates, only 1,335 USD short of thecurrent threshold level that defines a high-income economy./.
