In a recent address, Prime Minister Datuk Seri Anwar Ibrahim provided a comprehensive overview of Malaysia’s economic achievements in 2023 under the MADANI administration and outlined key priorities for the upcoming year.
Economic Achievements in 2023
Under the MADANI administration, the government embraced responsible economic management grounded in the spirit of reform, ushering in a significant economic leap.
Key initiatives included establishing a clear national direction through the MADANI Economic framework, implementing transformative policies such as the National Energy Transition Plan (NETR), New Industrial Master Plan 2030 (NIMP), and executing fiscal reforms by enacting the Public Finance and Fiscal Responsibility Act 2023.
The administration successfully rationalised subsidies, starting with electricity, and intensified efforts to alleviate persistent poverty, offering increased assistance to small rubber planters and rice farmers.
Positive economic indicators for 2023 included a 3.9% GDP growth for the first three quarters, aligning with the 2023 target of 4%. Additionally, inflation dropped from 4% in November 2022 to 1.5% in November 2023.
The commitment to investments neared RM350 billion, with RM225 billion approved in the first nine months of 2023, marking a 6.6% increase compared to the same period in 2022.
Direction and Priorities for 2024
The MADANI government commits to accelerating reform efforts and innovations for the well-being of the people.
Prime Minister Anwar emphasised the need for collective cooperation across all government entities to achieve milestones under the MADANI Economic framework.
“All need to collaborate as a united team to manifest better performance this year. All government machinery, including ministries, departments, agencies, GLICs and GLCs, as well as statutory bodies (especially the Ministry of Finance), should no longer operate in silos and must unite to achieve the milestones set under the MADANI Economic framework.” Anwar said.
Key points for 2024 include swift implementation of objectives outlined in the RM393.8 billion budget, aimed at achieving GDP growth exceeding 4%.
“Despite the challenges in the global economic turmoil, we have crafted a responsible Budget 2024. At the same time, the budget expands with an allocation of RM393.8 billion (compared to RM388.1 billion in 2023). This is to achieve the target of higher GDP growth than in 2023, surpassing 4%.” Anwar added.
People-centric projects, such as nationwide flood mitigation, Pan Borneo Sabah, and healthcare infrastructure, have been approved.
Good governance remains a top priority, with an emphasis on administrative efficiency to avoid delays in government initiatives.
Recognising the importance of agility in facilitating business and investment, Anwar highlighted its crucial role in repositioning Malaysia as a regional leader amid global economic uncertainties.
Role of GLIC & GLC in National Development
Anwar announced the inclusion of Government-Linked Investment Companies (GLICs) and Government-Linked Companies (GLCs) in the monthly meetings of the Ministry of Finance, recognising their significant role in realising the MADANI Economic vision.
“Starting today, GLIC and GLC are also invited to the monthly meetings of the Ministry of Finance, considering their significant role in realizing the aspirations of the MADANI Economy.” Anwar stated.
GLICs and GLCs, collectively managing nearly RM2 trillion in assets, are expected to implement strategic investments aligned with NIMP and NETR, enhance employee welfare, and take corporate responsibility in improving the socio-economic well-being of the people through educational scholarships, support for local enterprises, and poverty eradication programs.
Prime Minister Datuk Seri Anwar Ibrahim extended New Year wishes and expressed optimism despite the challenges ahead in 2024.
He urged dedication, improved work quality, and, most importantly, unwavering integrity from all stakeholders to create a more meaningful leap for the nation in the coming year.
The outlined economic roadmap signals Malaysia’s commitment to sustainable growth and development in the face of global uncertainties.
