{"id":68,"date":"2023-05-21T08:57:43","date_gmt":"2023-05-21T00:57:43","guid":{"rendered":"https:\/\/investinmalaysia.com\/?p=68"},"modified":"2023-05-29T19:55:33","modified_gmt":"2023-05-29T11:55:33","slug":"malaysias-high-income-transition-a-revolutionary-strategy","status":"publish","type":"post","link":"https:\/\/investinmalaysia.com\/index.php\/68\/uncategorized\/malaysias-high-income-transition-a-revolutionary-strategy\/","title":{"rendered":"Malaysia&#8217;s High-Income Transition: A Revolutionary Strategy"},"content":{"rendered":"\n<p><strong>An Economic Leap Ahead<\/strong><\/p>\n\n\n\n<p>Speaking at the National Economic Forum 2023, Malaysia&#8217;s Economy Minister Rafizi Ramli projected that the nation could achieve high-income status by 2028. This transformation, however, hinges on a sustainable growth trajectory that takes into account all sectors of the population, with a keen focus on the country&#8217;s Gross Domestic Product (GDP).<\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Further Reading:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/investinmalaysia.com\/index.php\/2023\/05\/21\/malaysias-bid-to-be-a-global-powerhouse-unveiled\/64\/\">Malaysia\u2019s Bid to Be a Global Powerhouse Unveiled<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/investinmalaysia.com\/index.php\/2023\/05\/12\/domestic-demand-ignites-malaysias-q1-growth-are-you-ready-to-ride-the-wave\/58\/\">Domestic Demand Ignites Malaysia\u2019s Q1 Growth: Are You Ready to Ride the Wave?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/investinmalaysia.com\/index.php\/2023\/05\/09\/malaysia-rises-in-tech-world-with-tesla-and-amazon\/54\/\">Malaysia Rises in Tech World with Tesla and Amazon<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/investinmalaysia.com\/index.php\/2023\/04\/29\/malaysia-reigns-supreme-in-asean-logistics-world-bank\/48\/\">Malaysia Reigns Supreme in ASEAN Logistics: World Bank<\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:52px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Digital and Green Economy: Key Growth Drivers<\/strong><\/p>\n\n\n\n<p>Ramli identified significant investment in the digital and green sectors as a crucial part of this growth strategy. He cited data indicating that digital technologies bolster growth, productivity, employment, and efforts towards poverty reduction. This approach could prove crucial for Malaysia, a country grappling with productivity growth rates that have lagged behind its counterparts, particularly in the pre-pandemic era.<\/p>\n\n\n\n<p><strong>Environmental Sustainability and Economic Growth: A Harmonious Blend<\/strong><\/p>\n\n\n\n<p>Reinforcing the importance of environmental sustainability, Ramli highlighted the US$1.1 trillion channelled into energy transition globally last year. According to him, this illustrates how economic growth and environmental sustainability can go hand in hand.<\/p>\n\n\n\n<p><strong>Upskilling the Workforce: A Necessity for Growth<\/strong><\/p>\n\n\n\n<p>To ensure the country&#8217;s economic progression, Ramli stressed the importance of upskilling and reskilling Malaysian workers on a broad scale. Referencing a World Bank report, he underscored the need to create two million additional high-skilled jobs in Malaysia. Currently, only a third of the Malaysian workforce is high-skilled, with another half being mid-skilled \u2014 a situation that places them behind aspirational peers such as the countries in the Organisation for Economic Co-operation and Development (OECD), where high-skilled workers account for about 40 per cent.<\/p>\n\n\n\n<p><strong>Maintaining Growth Momentum<\/strong><\/p>\n\n\n\n<p>Rafizi had earlier speculated that Malaysia could cross the high-income threshold by 2026 if it could maintain a growth rate of over 4% for the next three years. With this in mind, the coalition government is zeroing in on devising policies aimed at raising salaries, a step that could potentially include the implementation of a national wage growth policy.<\/p>\n\n\n\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>External Links:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.malaymail.com\/news\/malaysia\/2023\/05\/18\/rafizi-malaysia-can-reach-high-income-status-in-next-five-years-if-all-goes-well\/69807\" target=\"_blank\" rel=\"noopener\" title=\"\">Malaysia can reach high-income status in next five years, if all goes well<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Malaysia&#8217;s ambitious stride to high-income status underlines the digital and green economy.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,1],"tags":[],"class_list":["post-68","post","type-post","status-publish","format-standard","hentry","category-business-economy","category-uncategorized"],"aioseo_notices":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/investinmalaysia.com\/index.php\/wp-json\/wp\/v2\/posts\/68","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investinmalaysia.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investinmalaysia.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/investinmalaysia.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/investinmalaysia.com\/index.php\/wp-json\/wp\/v2\/comments?post=68"}],"version-history":[{"count":1,"href":"https:\/\/investinmalaysia.com\/index.php\/wp-json\/wp\/v2\/posts\/68\/revisions"}],"predecessor-version":[{"id":69,"href":"https:\/\/investinmalaysia.com\/index.php\/wp-json\/wp\/v2\/posts\/68\/revisions\/69"}],"wp:attachment":[{"href":"https:\/\/investinmalaysia.com\/index.php\/wp-json\/wp\/v2\/media?parent=68"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investinmalaysia.com\/index.php\/wp-json\/wp\/v2\/categories?post=68"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investinmalaysia.com\/index.php\/wp-json\/wp\/v2\/tags?post=68"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}