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Prime Minister sets goal for Malaysia to achieve annual economic growth of at least 5% until 2025


Sep 11, 2023

Malaysia’s Prime Minister, Anwar Ibrahim, has announced that the country is now aiming for an annual economic growth rate of at least 5% until 2025, a slightly lower target than their previous goal. This adjustment comes as Malaysia’s economy faces challenges from a global economic slowdown, with the second quarter experiencing the slowest growth in almost two years due to a decline in exports.

In a parliamentary session, Anwar revealed that the country’s economic growth will be driven by a focus on accelerating the transition to high-value industries and attracting greater investments. Malaysia plans to target private investments of 300 billion ringgit ($64.17 billion) annually until 2025, with the goal of becoming a preferred investment destination by enhancing competitiveness.

To support these efforts, the government has decided to increase the budget allocation for the economic plan to 415 billion ringgit ($88.77 billion), up from the previously announced 400 billion ringgit. This increased investment aims to further stimulate economic growth and development.

It is worth noting that last month, Malaysia’s central bank predicted the country’s full-year economic expansion to be at the lower end of the 4% to 5% range it had previously forecasted. With the revised growth target and increased investment, Malaysia is positioning itself to overcome economic challenges and achieve sustainable and robust growth in the coming years.

By Editor

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