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Malaysia works to escape middle-income trap

Malaysia’s Madani Economy policy plan requires determination and implementation to free the country from the middle-income trap and head towards a high-income country, said Bank Negara Malaysia (BNM).
Kuala Lumpur (VNA) - Malaysia’s Madani Economypolicy plan requires determination and implementation to free the country fromthe middle-income trap and head towards a high-income country, said Bank NegaraMalaysia (BNM).

As reported by Malaysia’s national news agency Bernama, BNM GovernorDatuk Abdul Rasheed Abdul Ghaffour said the Malaysian economy is at acrossroads, and today's economic and financial policies will determine thedirection and trajectory of the country's development in the future.

The gap between the rich and the poor is widening, and itneeds to be addressed and balanced with the development of an inclusive, fairand equitable society that maintains social integrity, the official said at theiTekad Cooperation Networking Council event.

Abdul Rasheed said the BNM’s iTekad programme was developedby highlighting social finance as an important component of the financialecosystem in Malaysia to catalyse a more balanced socio-economic development.

Since its launch in 2022, the iTekad initiative has nowgrown to include 11 financial institutions and more than 50 implementingpartners, benefiting over 3,000 participants./.
VNA
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