Malaysian PM reveals economic roadmap for 2024

Malaysian Prime Minister Anwar Ibrahim (Photo: businesstoday.com.my)

Kuala Lumpur (VNA) – In a recent address on the occasion of new year, Malaysian Prime Minister Anwar Ibrahim has provided a comprehensive overview of the country’s economic achievements in 2023 and outlined key priorities for 2024.

Regarding economic achievements in the past year, under the MADANI administration, the government embraced responsible economic management grounded in the spirit of reform, ushering in a significant economic leap.

Key initiatives included establishing a clear national direction through the MADANI Economic Framework, implementing transformative policies such as the National Energy Transition Plan (NETR), New Industrial Master Plan 2030 (NIMP), and executing fiscal reforms by enacting the Public Finance and Fiscal Responsibility Act 2023.

The administration successfully rationalised subsidies, starting with electricity, and intensified efforts to alleviate persistent poverty, offering increased assistance to small rubber planters and rice farmers.

Positive economic indicators for 2023 included 3.9% GDP growth for the first three quarters, aligning with the 2023 target of 4%. Additionally, inflation dropped from 4% in November 2022 to 1.5% in November 2023.

The commitment to investments neared 350 billion MYR (75.38 billion USD), with 225 billion MYR approved in the first nine months of 2023, marking a 6.6% increase compared to the same period in 2022.

Regarding directions and priorities for 2024, the MADANI government commits to accelerating reform efforts and innovations for the well-being of the people.

Anwar emphasised the need for collective cooperation across all government entities to achieve milestones under the MADANI Economic Framework.

He said that all need to collaborate as a united team to manifest better performance this year. All government machinery, including ministries, departments, agencies, GLICs and GLCs, as well as statutory bodies, especially the Ministry of Finance, will no longer operate in silos and must unite to achieve the milestones set under the MADANI Economic Framework.

Key points for 2024 include swift implementation of objectives outlined in the 393.8 billion MYR budget, aimed at achieving GDP growth exceeding 4%.

He stressed that good governance remains a top priority, with an emphasis on administrative efficiency to avoid delays in government initiatives.

The outlined economic roadmap signals Malaysia’s commitment to sustainable growth and development in the face of global uncertainties./.