Malaysia announces economic development plan for next 10 years

Kuala Lumpur (VNA) - Malaysia is putting a priority on rebuilding its economy and placing the country on a stronger footing with a more competitive economy, said Minister in the Prime Minister's Department (Economy) Mustapa Mohamed.

Mustapa said the priorities of the government in the next 10 years include increasing income, eliminating absolute poverty and reducing development gaps between states and regions; as well as ensuring quality growth which is sustainable – that is, growth which will not compromise the environment.

In addition, the Malaysian Government also prioritises creating a favourable policy environment for the private sector, domestic and foreign investors; growth and development that is inclusive and leads to greater unity and cohesion in the context of Keluarga Malaysia; and ensuring that the government delivery mechanism is enhanced to meet developmental goals, he said.

At the webinar under the theme "The 12th Malaysia Plan (12MP): Developing the Nation in the Spirit of Keluarga Malaysia", Mustapa said the challenges faced by the country in the last 18 months have also presented an opportunity for the government to revisit its policies and strategies.

Last month, credit rating agency Fitch Solutions downgraded Malaysia's 2021 gross domestic product (GDP) growth forecast from 4.9 percent to 0 percent, amid the rising number of new COVID-19 cases in the country and Malaysia is forecast to continue the lockdown for the rest of 2021./.