The 12 Malaysia Plan launched yesterday by Prime Minister Ismail Sabri Yaakob offers various development proposals for Malaysia and it spans over a five year period. Here, we are looking at the benefits for the younger generations of Malaysians, termed as the Millenials and the Gen Z.
• Total Allocated RM400b for projects under 12MP. Govt spent RM248.5 billion for development under 11MP.• GDP growth is expected to average 4.5% to 5.5% between 2021 and 2025.• Average household income targeted to reach RM10,000 by 2025.
• RM15 billion more will be invested by the private sector to speed up nationwide 5G roll-out. In more tangible terms: 100% 4G coverage in populated areas, wider 5G coverage, 100% urban and rural households subscribing to the Internet, 2.5% gross expenditure on R&D to GDP, 10.5% contribution of e-Commerce to GDP and 25.5% contribution of the digital economy to GDP.
Sweeping sustainability practices
The focus on green growth will bridge sustainability and the economy. This includes enhancing energy sustainability and transforming the water sector to prioritise water security. It will concurrently address climate change, unsustainable consumption and production practices, loss of biodiversity, lack of coherence in the implementation of policies and inefficient water resources management, as the country moves towards a low-carbon nation.
Job opportunities
• Graduate Marketability Strategic Plan 2021-2025 and Job Creation Strategic Plan 2021-2023 to be introduced to address mismatch in the labour market, labour issues in certain industries. To construct a competitive economy, we need jobs that can satiate the demands of future challenges. Electrical and electronics, global services, aerospace, creative, tourism, halal, smart farming and biomass industries have been identified as the new catalysts of economic growth. Efforts will be channelled towards accelerating these industries to enable the production of high value-added activities and products, to attract quality investments and expand exports, and to contribute to the green economy agenda.
