KUALA LUMPUR: A new middle class is expected to arise in Malaysia, with aspirations very different from previous generations, when the Asean Economic Community (AEC) is fully implemented.
“This emerging class will not only consume more services than before, they will also be more likely to be the providers of services as the labour market evolves,” said HSBC Bank Malaysia Bhd Chief Executive Officer Mukhtar Hussain in a statement today.
He said Malaysia has immense potential to become a key gateway to ASEAN and over the years, it has enhanced its connectivity and trade with the world’s leading economies, including China.
“The Malaysian government is also keen on capitalising on the potential of its growing middle class population as it is considered as the engine of economic growth and promotes social cohesion,” he said.
Meanwhile, Mukhtar said jobs producing goods such as cars and clothes would be replaced by positions that create more intangible goods in new industries like computing and tourism.
“On top of the broad economic benefits that this will bring, it will create a more international mindset among the middle class that will not just impact their lifestyle, but also have an aspirational effect on young professionals,” he added. --Bernama