KUALA LUMPUR, Sept 12 — The 12th Malaysia Plan (12MP) mid-term review and the New Industrial Master Plan (NIMP) 2030 are moves in the right direction for Malaysia to become a high-income nation, said RHB Investment Bank Bhd.
RHB said the 12MP review, which places significant emphasis on governance, sustainability, fiscal and social responsibilities, and productivity gains through digitalisation and automation, dovetails with the longer-term NIMP.
The 12MP “has long-term positive implications for the evolution of Malaysia’s economy, although much will depend on execution. (We) expect more colour on the short-term initiatives in Budget 2024 on October 13”, it said in a note today.
Themed Malaysia Madani: Sustainable, Prosperous, High-Income, the 12MP review was tabled at Parliament by Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim yesterday.
It introduced 17 bold measures comprising 71 strategies and initiatives that will catalyse reforms to the nation’s socio-economic development in line with the Malaysia Madani aspiration.
In a separate note, Public Investment Bank Bhd said the strategic framework of the 12MP places a paramount emphasis on enhancing the efficiency of public service delivery and serves as the lynchpin for broader economic progress.
It said the overarching ambition is to elevate the nation’s gross national income (GNI) per capita to a projected US$14,250 (RM66,654.38) by 2025 from 2020’s US$10,191.
“Encouragingly, during the evaluative phase spanning 2021 to 2022, the GNI per capita in current price terms ascended to US$12,035 in 2022, which is an encouraging growth trajectory from the 2020 baseline,” it said.
— Bernama
