GEORGE TOWN, Dec 12 — The 13th Malaysia Plan (13MP) must be effectively planned and implemented to ensure Malaysia reaches developed nation status by 2029 or as early as 2027.
Malaysia’s Economy Minister Rafizi Ramli said that based on economic growth projections and currency rates, Malaysia is capable of becoming a high-income nation, which is the benchmark for becoming a developed nation as early as 2027.
“The practical projection is 2028, or if there is a slight delay, I think by 2029, we will be a developed nation,” he said during an engagement session on the 13MP here yesterday.
Rafizi said a sustained economic growth of four per cent to five per cent is essential to ensure Malaysia can reach developed nation status.
He added that Malaysia needs to create new growth engines that are more dynamic to ensure the country can maintain its growth momentum.
The minister said that according to projections, Malaysia could reach developed nation status by 2026, but this opportunity was missed due to several factors, such as the Covid-19 pandemic.
The threshold for a country achieving developed nation status is a gross national income per capita of US$14,000 (RM58,800).
Meanwhile, Rafizi said that Penang is an important state in terms of the country’s economic plans, especially for 13MP, as it is among the largest export contributors due to its robust electronics and electrical sector.
He said the state is currently focusing on developing an industry based on artificial intelligence (AI), aligning with the federal government’s aim to develop a complete ecosystem for the AI sector.
“The government’s focus in 13MP and beyond is to ensure the (AI) value chain is developed to encourage the participation of local companies,” he added.
— Bernama
