IT IS crucial to conduct a mid-term review of the 12th Malaysia Plan (12MP) to determine whether the set targets for 2025 are aligned with and can be accomplished with the vision of Malaysia Madani, said Economy Ministry deputy secretary-general Luqman Ahmad.
The 12MP mid-term review measures how far targets have been achieved for 2021-2022 and Malaysia’s direction for 2023-2025 towards becoming a sustainable, peaceful and high-income nation by taking into account domestic challenges, global trends and the unity government’s priorities.
Luqman said emphasising the Madani economy’s narrative to restructure the country towards becoming Asia’s economic leader will be the review’s focus.
“As part of the effective response to overcome domestic and global challenges, the re-implementation of development initiatives must be hastened,” he said as a guest on Bernama Radio’s ‘Reaksi’ talk show today.
According to Luqman, Malaysia has achieved significant growth, with an average annual gross domestic product growth rate of 5.9% in 2021–2022.
Rising global challenges
This growth rate exceeded the target set in the 12MP, driven by increased labour activities and private sector growth, he added.
Luqman also pointed out the country’s achievements were slightly affected by rising global challenges such as mounting geopolitical tensions, supply chain disruptions, increasing commodity prices and high inflation.
“Domestically, Malaysia faces the challenge of widening development gaps between states and territories as well as limited fiscal space.”
Moreover, Luqman noted that the 12MP mid-term review document prepared by the Economy Ministry, resulted from a whole-of-nation approach that involved engagement sessions encompassing ministries, state governments, industry players, academicians, civil society organisations and the public.
“This includes, among others, inter-agency group meetings, technical working groups, focus groups and engagement sessions in all states since September 2022 to obtain feedback from all parties.”
On the right track
During the 12MP mid-term review, all significant economic, social, and environmental sectors will be assessed.
This includes growth, delivery of public services, cost of living, the ageing population, poverty, the labour market, and the implementation of sustainable goals such as environmental, social, and governance principles.
“The focus will be on ensuring that Malaysia’s economy stays on the right track. The mid-term review will also give specific emphasis to strengthening the country fiscally, increasing government revenue and restructuring Malaysia’s economy to reduce living costs and expand the economy,” Luqman further added.
The 12MP mid-term review is scheduled to be tabled by Prime Minister Datuk Seri Anwar Ibrahim in Parliament on Sept 11. – Sept 8, 2023
Main photo credit: The Edge Markets