KUALA LUMPUR, Aug 16 – The government is currently drafting the strategy and initiative for short, medium and long-term economic development for the mid-term review of the 11th Malaysia Plan (11MP) to ensure the economy continues to remain resilient.
Deputy Economic Affairs Minister Dr Mohd Radzi Md Jidin said the government is aware that the current global economic environment is challenging due to global trade wars and issues such as Turkey’s financial crisis.
“The main objective of the government is to strengthen the country’s economic position and make sure the practice of preparing non-transparent financial reports is stopped immediately,” he said during the question and answer session in Dewan Rakyat today.
Mohd Radzi said the government would review all medium and long-term economic growth forecast, and expected the economy to remain strong, as well as, become more competitive.
“In 2017, Malaysia’s average economic growth was 5.9% as the economy fully recovered from the global economic slowdown in 2016, and achieved a 5.4% growth in the first quarter of 2018,” he said.
Meanwhile, Mohd Radzi said the government would hold the Bumiputera Congress on Sept 1, to discuss the wide economic gap between Bumiputeras and other communities. According to the deputy minister, Bumiputera equity ownership in the corporate sector has yet to reach the 30% target.
“In 2016, the average monthly income for Bumiputera households were RM6,267 compared with non-Bumiputera’s RM8,213. The percentage of Bumiputeras in skilled jobs was 29.4% versus 36.3% for non-Bumiputeras,” he said.
Mohd Radzi said Bumiputera ownership of premier properties was lower at 38.8% in 2016 against 56.7% by non-Bumiputeras. “As for commercial property ownership, Bumiputeras owned a meagre 9.8% compared with 46% by non-Bumiputeras (in 2016),” he added. — Bernama