KUALA LUMPUR: The government hopes to ensure that Malaysia’s ‘good’ economic growth numbers can be translated into visible impacts that can be felt by the people as the country is set to register continued growth going forward, said Economy Minister Mohd Rafizi Ramli (pictured).
Malaysia is expected to post gross domestic product (GDP) growth of between 4.0 and 5.0 per cent this year.
To achieve this, Mohd Rafizi said Malaysia needed a big shift not only at the government level but also in the private sector and society.
“It will take all of us to go through a lot of changes and to accelerate and embrace these changes for us to be able to not just withstand the challenges, but more importantly, to realise a lot of unfulfilled potentials in the country,” he said.
He said this in his address at the launch of the World Bank’s Malaysia Economic Monitor February 2023 Edition titled, “Expanding Malaysia’s Digital Frontier” here today.
Mohd Rafizi said, at the government level, it has started to plan and discuss the reallocation of agricultural resources to increase national productivity and reduce dependency on foreign imports.
He said Budget 2023 will see more allocation being set aside for the agriculture sector to achieve the aspirations.
“There is a need to ensure that economic rebound can overcome food crisis on vulnerable households from lingering pandemic impacts to prolonged geopolitical tensions.
“We hope to be able to share in the coming weeks and months some relocation of resources,” he said, adding that continuous programmes will also be organised to ensure a sustainable agricultural sector and supply chain in the country.
The government also continued to see vast growth potential behind digitalisation development in the country, which can provide higher income to the people.
He said, through the development of digital infrastructure, human capital, business capacities and improved public service delivery, the government aimed to realise strategies outlined under the digital economy initiative.
“We must take the opportunity after COVID19 that it is no longer going to be business as usual.
Hopefully, the opportunity presented to us, as the new administration, can allow us to make a lot of policy reforms and put in place the right frameworks,” he said.
Mohd Rafizi said the government also hoped that further improvements in domestic spending and the labour market would enable the country to start putting in policies to boost wage growth in the future.
Nevertheless, he said the external risks will continue to persist through the disruptions in the global supply chain.
“My big concern is that we will have to embrace lower global demand and we still do not know what the impact of a significant slowdown in China would be.
“But, I think we are in a good position in that while we are fully aware of the slowdown in the economy, there is also some untapped potential that provides us with some buffer,” he said, citing the possible return of tourists arrivals and future agriculture revenues as examples. – BERNAMA
