At the heart of the MADANI economic narrative is addressing structural issues facing the Malaysian economy, including the middle-income trap, decline in potential economic growth, strengthening Malaysia’s global competitiveness, improving infrastructure and public services especially on transport, healthcare and education, as well as in less developed states and regions in the country.
Maybank Group Chief Economist Suhaimi Ilias weighed in on Prime Minister Dato Seri Anwar Ibrahim’s announcement today, saying it is also aimed at promoting sustainable, inclusive and equitable development as well as improving governance.
Madani Economy aims to raise Malaysia’s average annual economic growth to 5.5% to 6% over the next 10 years versus the average of 4.7% per annum since 1998. It also wants to raise and improve Malaysia’s standing in global positions and rankings on the size and complexity of the economy, on competitiveness, on human development and on corruption perception index to boost the country’s attractiveness for investment, especially in strengthening existing growth industries and sectors like electronics, as well as promoting new growth areas and future economic drivers like renewable energy and digital economy.
“All these are with the ultimate aim of ensuring that the rakyat can and will benefit via decent and quality jobs with higher pays as well as improving the social security system and safety nets to uplift the standards and quality of life.
“In a nutshell, the MADANI economic narrative is essentially about economic and social reforms and restructuring for the benefit of rakya,” Suhaimi added.
Earlier today, Anwar launched his vision of a new Madani economy aimed at empowering the rakyat with a view to restoring the country as an economic leader in the Southeast Asian region.
“This will ultimately give the people an overflow of results to enjoy a better quality of life,” Anwar said at the event held at the Securities Commission here.
Unveiling a “comprehensive and rigorous” plan to face current challenges, Anwar called for both current and long-term issues to be addressed to make the country an attractive investment destination while also tackling the rising cost of living.
