KUALA LUMPUR: The Economic Affairs Ministry is bracing for a slew of anticipated challenges in political, economic and social dimensions in ushering the year 2020.
Its minister Datuk Seri Mohamed Azmin Ali in a statement said after World War II, it was apparent that the global order was disrupted, with the United States no longer dominating the economic chain.
He said based on the Purchasing Power Parity, the spot was overtaken by China.
“In this new decade, we will witness economies such as China, India, Japan, Korea and Asean nations claiming the world economy from America and Europe.
“To overcome the challenges brought by this huge shift, we need to move away from the old thinking which centres around the United States and Europe. We must have the courage to think big and we need a new imagination,” he said.
Azmin said Prime Minister Tun Dr Mahathir Mohamad had initiated the “mind shift” by organising Kuala Lumpur Summit 2019 recently.
“The summit had paved ways for strategic collaboration in economy and technology collectively among the Islamic countries and the world Muslim population of up to 1.7 billion,” he said.
Azmin pointed out that it was also incumbent on the country to explore global strategic collaborations overcome the impact of Sino-American trade war, through Malaysia’s adoption of open economy policy.
At the same time, efforts were being made to strengthen the country’s domestic economy bolstered by systemic resilience, under the Shared Prosperity Vision 2030.
“It will be an anchor towards efforts to grow Malaysia’s economy to become more dynamic and sustainable,” he said, adding that the implementation would reaffirm growth and bridge divide between income groups, ethnicities, region and supply chains.
“We must reflect on our commitment in implementing the agenda to restructure the economy towards a high-income economy to elevate the nation’s well-being, which requires the involvement and commitment from all quarters.”