Malaysia targets 4.5-5.5% GDP growth in next five years
KUALA LUMPUR (XINHUA) – Malaysia is targeting gross domestic product (GDP) growth of 4.5-5.5% per year from 2021 to 2025, as part of its 12e five-year economic plan, was unveiled yesterday by his government.
Growth will be supported by strong domestic demand and a higher contribution from the external sector, he said.
“Amid a difficult economic environment, including the expectation of a prolonged and uncontrollable COVID-19 pandemic, the Malaysian economy is expected to recover in accordance with measures to reopen economic sectors,” he said. declared.
Potential output is expected to increase between 4% and 5%, while private sector activity will rebound and remain the anchor for growth supported by accommodating monetary and fiscal policies, he said.
Economic growth will also be driven by higher labor productivity growth, resulting in a 6.4% per year increase in gross national income per capita, from MYR 42,503 (USD 10,111) in 2020 to MYR 57,882 ( approximately $ 14,842) in 2025, according to plan.