Implementation of tick economy is starting to bear fruit – PM

PUTRAJAYA (July 9): The implementation of the “Madani Economy: Empowering the People” policy and several new policies, which were first introduced last year, has started to bear fruit since the start of this year, said Chief Minister Datuk Seri Anwar Ibrahim.

Anwar, who also serves as finance minister, said several policy reforms, including those undertaken by the government, have begun to partially bear fruit, as evidenced by some positive outcomes in economic indicators, including an increase in gross domestic product (GDP) growth to 4.2 percent in the first quarter of 2024 compared to 3 percent in the fourth quarter of 2023.

Anwar said global rating agencies S&P Global Ratings and Fitch Ratings had also maintained Malaysia’s sovereign ratings at A- and BBB+ respectively, with a “stable” outlook.

“[Among other achievements are] For merchandise exports to recover with a 5.2% growth in the first quarter of 2024 compared to an 8.1% contraction in 2023, and for Bursa Malaysia’s FBM KLCI to surpass the 1,600 point mark and achieve the historic milestone of market capitalisation exceeding RM2 trillion this year.

“The highest amount of FDI approved for 2023 is RM329.5 billion, up 23% compared to 2022,” he said at a consultation session on Budget 2025 here on Tuesday.

He said several new policies and targets were introduced last year, including the New Industrial Master Plan 2030 (NIMP 2030), the National Energy Transition Roadmap, the Mid-term Review of the 12th Malaysia Plan and the National Semiconductor Strategy (NSS).

Anwar acknowledged that while economic indicators were beginning to show positive results, there was still room for improvement.

“As I emphasised last year, we launched the Madani Economy to empower our people as the main platform for bringing about change, but of course, as a basis for rectifying the structural problems in the country.

“Several measures have therefore been put in place, including amendments to the Fiscal Responsibility Act, an expansion of the role of the National Auditor General to oversee finances, and ongoing steps to improve governance,” he said.

He said to continue to strengthen the Malaysian economy, the government has joined several economic alliances with other countries, such as the Asia-Pacific Economic Cooperation (APEC), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), free trade agreements (FTAs) and the European Union FTA.

“We also agreed to explore the possibility of joining the BRICS membership. [Brazil, Russia, India, China and South Africa] Also consider the possibility of joining the OECD [Organisation for Economic Co-operation and Development].

“This is to open up the best possible space for local and international entrepreneurs, traders and investors to benefit from the facilities available,” he said.

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