World Bank reported that Malaysia’s gross national income per capita stands at USD 11,200 (MYR 46,077). The value is only lacking USD 1,335 to enter into the high-income economy category. Malaysia’s hopes of becoming a high-income economy is much closer to reality than we thought! According to World Bank vice-president for East Asia and Pacific Victoria Kwakwa, Malaysia hopes to go beyond the mere high-income economy. It hopes to become a high-income economy accompanied by sustainable growth. It may seem to be a stretch, but it is achievable with new and bold measures with tough reforms.

The country has to work towards the next stage of development, departing from the previous development plans into new ones to catapult the country into its ideal growth stage. Different policies and institutions are needed to improve inclusiveness in Malaysia, quality and sustainability for its future growth.

A few of the many methods could include creating more high-quality jobs, ensure greater inclusion, improve competitiveness, and boost economic growth. These are steps the country can take to improve the nation’s economy.

Although the global Covid-19 pandemic has hit the nation and has slowed its progress, Malaysia can continue to sustain future growth through reforms. Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said that “The government is committed to continually assess the quality, inclusivity, and sustainability of Malaysia’s growth”. He continued to say that the country has solid foundations, and the ministry recognises the need to increase investment.

The government has also set out the 12th Malaysia Plan to set out the schedule over the next 5 years. It will be a vehicle to steer Malaysia towards recovery and growth towards becoming a high-income and developed country.