KUALA LUMPUR: The new priorities introduced in the mid-term review of the 11th Malaysia Plan (11MP) will support inclusive growth and sustainable development, and reflect the aspirations of the new Government.
Economic Affairs Minister Datuk Seri Mohamed Azmin Ali said the Government will balance economic growth objectives and fiscal consolidation initiatives to ensure continuous and inclusive development without impairing growth prospects.
“Thus, high-impact socioeconomic development projects will be continued to improve the wellbeing of the rakyat.
“In addition, the existing development gaps between states will be narrowed by giving greater emphasis to the less developed states, particularly Sabah, Sarawak, Kelantan, Terengganu, Kedah and Perlis, to ensure a more balanced regional growth,” he said in his foreward for the Mid-Term Review of the 11MP released today.
Azmin said more measures will also be undertaken to raise the income and purchasing power of the rakyat, especially the bottom 40 per cent of the household income group (B40).
“Moving forward, we need to be vigilant about risks in the face of potential shocks and global economic uncertainties such as the build-up of financial vulnerabilities, trade protectionism and geopolitical tensions.
“These risks and challenges underline the importance of having flexible economic policies, strong public finance management and a sustainable fiscal position.,” he said.
Azmin said macroeconomic policies will need to be calibrated to be able to respond to economic shocks as well as to enhance economic resilience.
“Some temporary trade-offs on economic growth may be necessary in the short term in order to ensure a firmer foundation for a more sustainable and inclusive growth in the long term,” he said.
The Mid-Term Review outlines six pillars to support inclusive growth and sustainable development.
The first pillar is to reform governance towards greater transparency and enhance efficiency of public services, followed by the second pillar to enhance inclusive development and the wellbeing of the rakyat.
The third pillar aims to pursue balanced regional development, while the fourth pillar is to empower human capital. The fifth pillar focuses on enhancing environmental sustainability through green growth. The last pillar lays the foundation to strengthen economic growth across all sectors of the economy.
“Let us, the Government, the private sector and the rakyat work together to ensure the successful implementation of these new priorities and emphases in the remaining Plan period.
“The new Government will assure that the fruits of development will be enjoyed by all. We shall continue to strive and serve with integrity to carry out the amanah entrusted to us to propel our beloved nation to greater heights,” Azmin said.