Malaysia needs to climb out of middle-income trap: Deputy PM

Malaysia's Deputy Prime Minister Ahmad Zahid Hamidi. (Photo: Bernama)

Kuala Lumpur (VNA) – Malaysian Deputy Prime Minister Ahmad Zahid Hamidi on February 9 said that the country must climb out of the middle-income trap after languishing more than two decades in the upper middle-income bracket as per the World Bank classification.

Speaking at a seminar organised by MarkPlus Institute ASEAN, Zahid said that if Malaysia fails to up its competitive advantage and attractiveness as a centre for investment, its competitors will forge ahead which in turn will affect the country’s national prosperity and the wellbeing of ordinary Malaysians.

He affirmed that the Malaysian government is committed to creating an economic environment where every Malaysian can fulfill their potential whereby entrepreneurs and the spirit of entrepreneurship are of utmost importance.

To achieve the target, the government will continue to cut the red tape that hinders businesses and entrepreneurs, the Deputy PM stressed.

There must be a continuous mind shift that the private sector is the main engine of growth for the nation, he said, adding that the private sector must prosper for the nation to prosper.

Malaysia must get out of the middle-income trap that it is currently in and take its rightful place as a high-income nation within the next five years, Zahid said./.