PUTRAJAYA: The Economic Affairs Ministry (MEA) has begun preparing a post-2020 development framework to chart the long-term direction of the nation’s socioeconomic progress.
The ministry said it will spearhead several socioeconomic studies on future challenges, including a review of the Fourth Industrial Revolution in order to prepare the country for future technological impacts that are expected to transform lifestyles.
“The MEA is also in the midst of reviewing existing planning processes and mechanisms to improve the country’s development planning.
“The people’s aspirations will be considered in charting the development of the nation to ensure that economic growth continues to be meaningful, inclusive and holistic, as well as to enable Malaysia to shine once again on the global stage,” it said in a statement today.
The ministry said that within four months of its establishment, it formulated the first socioeconomic development policy document of the Pakatan Harapan (PH) administration in the form of the Mid-Term Review of the Eleventh Malaysia Plan (MTR 11MP) document, which was tabled by the prime minister in Parliament on Oct 18 last year.
“The MTR 11MP outlines six policy pillars to reform existing policies and review socioeconomic targets. The document also includes the aspirations of the new government, as well as current economic challenges and global trends,” it said.
The ministry said that the MTR 11MP also sought to address issues of gaps and inequalities that still exist across ethnic and income groups, as well as regions in a comprehensive manner to ensure inclusive economic growth.
“As part of efforts to ensure that all 66 strategies and 204 initiatives in the MTR 11MP are implemented effectively, the MEA published the Policy Implementation Plan (PIP) document on Dec 17 as a reference for all ministries and agencies.
“Periodical monitoring and reporting to the highest level of government will begin in 2019 to ensure that the 80 targets identified in the MTR 11MP are achieved,” it said.
The MEA added that it has undertaken a review of MTR 11MP projects and programmes to reduce the financial and debt burden of the government, including negotiating the postponement of the Kuala Lumpur-Singapore High Speed Rail (HSR) project.
“Among the priorities of the MEA in 2019 is the completion of the White Paper on the Felda turnaround plan. At the same time, the MEA has ensured that the commitment of the government to Felda settlers is fulfilled by continuing to provide the Living Allowance Assistance to them.
“Together with the Ministry of Finance, the MEA is also involved in the recovery plan of Lembaga Tabung Haji to rebuild the iconic institution. In addition, we have begun efforts to assess the position of BPMB and address the challenges within the institution,” it added.
The ministry also said its role to launch and monitor policies will be supported by 32 agencies, particularly those directly involved in the wealth redistribution agenda to reduce long-standing disparities and inequalities. They include ARB, Ekuinas, Felda, FGV, Risda, Teraju, three Bumiputera foundations and the 13 State Economic Development Corporations.
It said specialised agencies were placed under the MEA, such as BPMB, Felcra, HDC, HSR Corp, and Yayasan Ekuiti Nasional, adding that the Statistics Department also comes under its purview to boost policy formulation.
“After 13 Five-Year Development Plans, the economy has recorded an average growth of 6.2 per cent per annum over the last four decades (1971-2017), outpacing the world economy as well as emerging economies. This rapid growth was accompanied by low and stable inflation, which averaged less than 3 per cent during the same period. The country has also enjoyed full employment since 1992, with the unemployment rate below 4 per cent,” it added.