Malaysia aims to become high-income country by 2025

Malaysia aims for 4.5 to 5.5 percent annual economic growth and become a high-income country by 2025.

Monday, September 27, 2021 18:02

Malaysia aims to become high-income country by 2025 ảnh 1

In Kuala Lumpur (Photo: Reuters)

Kuala Lumpur (VNA) - Malaysia aims for 4.5 to 5.5 percent annualeconomic growth and become a high-income country by 2025.

Prime MinisterIsmail Sabri Yaakob revealed the goals on September 27 as he tabled a sweepingfive-year development plan, to be debated and voted on in parliament. The blueprintaims to guide the country go through the economic ravages of the COVID-19pandemic, though the fight against the virus is far from over and the premierhimself stressed the government's financial constraints.

However, since March 27, 2020, Malaysia has launched eight economic stimuluspackages to support residents with a total value of up to 530 billion ringgit(about 126 billion USD) and has succeeded in stabilising its economy.

After four consecutive quarters ofdecline, in the second quarter of 2021, Malaysia's economy grew 16.1 percent overthe same period last year. It is expected that the government's financialsituation will improve sharply in 2023.

Prime Minister Ismail added that Malaysia targetsan average annual per capita income growth of 6.4 percent from 2021 to 2025, from42,503 ringgit in 2020 to 57,882 ringgit in 2025. At that time, Malaysia will join the list of high-income countries./.

VNA

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