News & Articles Malaysia no longer stuck in ‘middle-income trap’, says Pemandu chief
Malaysia no longer stuck in ‘middle-income trap’, says Pemandu chief
17 Aug 2016
KUALA LUMPUR: Malaysia is no longer stuck in the "middle-income trap"on the back of steady growth in the gross national income, (GNI) especially after the implementation of the Economic Transformation Programme (ETP).
Performance Management and Delivery Unit (Pemandu) chief executive officer Datuk Seri Idris Jala said the country's GNI last year, which stood at US$10,570 per capita, is now only 15 per cent away from the high-income economy benchmark.
In 2010, Malaysia's GNI per capita was at US$8,280, representing a gap of 33 per cent.
“This is clear evidence that we have become unstuck from the middle-income trap.
“We are also gradually removing subsidies and have undertaken various reforms to lower fiscal deficit and stimulate private investment growth,” he said in his keynote address at a roundtable discussion - The Business Year - here today.
Last year, Idris was reported as saying that Pemandu is confident at closing the gap and achieve its target by 2020, as set in the ETP.
The ETP was set in motion late 2010 and represents the catalyst for economic growth and investments needed for Malaysia to achieve high-income status by 2020.
Performance Management and Delivery Unit (Pemandu) chief executive officer Datuk Seri Idris Jala said the country's GNI last year, which stood at US$10,570 per capita, is now only 15 per cent away from the high-income economy benchmark.
In 2010, Malaysia's GNI per capita was at US$8,280, representing a gap of 33 per cent.
“This is clear evidence that we have become unstuck from the middle-income trap.
“We are also gradually removing subsidies and have undertaken various reforms to lower fiscal deficit and stimulate private investment growth,” he said in his keynote address at a roundtable discussion - The Business Year - here today.
Last year, Idris was reported as saying that Pemandu is confident at closing the gap and achieve its target by 2020, as set in the ETP.
The ETP was set in motion late 2010 and represents the catalyst for economic growth and investments needed for Malaysia to achieve high-income status by 2020.
Source: New Straits Times