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Will Malaysia be the country of the future?

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Malaysia is likely to transition to a high-income economy between 2024 and 2028, a reflection of the country’s economic transformation development trajectory over past decades. However, further reforms are required to successfully join the ranks of other leading and developed economies, according to a new World Bank report - Aiming High Navigating the Next Stage of Malaysia’s Development launched today. Malaysia‘s GNI per capita is at US$11,200 according to latest estimates, only US$1,335 short of the current threshold level that defines a high-income economy. Progress towards the threshold has been slowed by the impact of the COVID-19 pandemic and the country has the opportunity to undertake bold reforms to sustain future growth and to ensure that the proceeds of growth benefit all segments of the population. After the sharpest recession since the Asian financial crisis, the Malaysian economy started showing signs of recovery. Exports grew 31% to 105 billion ringgit ($25.5 billion) in March, the largest year-on-year expansion in the last four years. The benchmark stock index KLCI bounced back to pre-pandemic levels. Prime Minister Ismail Sabri Yaakob revealed the goals as he tabled a sweeping five-year development plan, to be debated and voted on in parliament. The blueprint aims to guide the country beyond the economic ravages of the COVID-19 pandemic, though the fight against the virus is far from over and the premier himself stressed the government's financial constraints. In this video, We are discussing Will Malaysia be the country of the future?

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TAGS:#malaysia #countryofthefuture #malaysiaprojects
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