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Malaysia targets 5-6 percent economic growth until 2020

Malaysia’s gross domestic product (GDP) will grow at 5-6 percent annually until 2020, Malaysian Prime Minister Najib Razak announced on May 21.
Malaysia’s gross domestic product (GDP) will grow at 5-6 percentannually until 2020, Malaysian Prime Minister Najib Razak announced onMay 21.

He pledged to create more jobs and affordable housing forthe residents, adding that the country’s growth will result in a 7.9percent per annum rise in gross national income (GNI) per capita whiledwindling the dependence on oil-related revenue by nearly half.

Thecountry’s five-year plan is aimed at leading the Southeast Asian nationto its goal of becoming a fully developed economy by 2020. It comes at atime when Malaysia is navigating through a tricky economic environmentof slumping energy prices and the depreciation of the ringgit, whichdropped to six-year lows against the dollar.

The PM said that theGNI per capita will reach 54,100 ringgit (15.690 USD) in 2020, with themonthly household income hitting 10,540 ringgit (2,926 USD) from 6,141ringgit (1705 USD) in 2014.

Apart from commitment tobuilding over 600,000 new houses, the plan also creates opportunitiesfor Malaysians to access housing, education and health care.

Malaysia'sdependence on oil-related revenue will decline to 15.5 percent by 2020,from just under 30 percent of revenue currently.-VNA
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