KUALA LUMPUR: Deputy Minister in the Prime Minister’s Department (Economy) Datuk Eddin Syazlee Shith said that the government is confident of having monthly household incomes reach RM10,000 by 2025.
He said that it can be achieved via macro strategies that would revive and strengthen economic fundamentals.
The strategies included efforts to increase productivity, promote quality investment, accelerate economic structural transition, leverage participation in the global value chain, increase the proportion of workers’ compensation, and ensure long-term fiscal sustainability.
During a Q&A session at the Dewan Rakyat, Eddin said this target is realistic based on the increasing average household income of 7.0% yearly over the period of 10 years from 2009 to 2019.
He was responding to a question from Datuk Mahfuz Omar (PH-Pokok Sena) who wanted to know the government’s plans to ensure that Malaysia achieves a high-income country by 2025.
Under the 12th Malaysia Plan (12MP), the government is targeting to increase the average household income from RM7,089 in 2020 to RM10,065 in 2025, an increase of 7.3% per annum.
Eddin said the target set was also in line with the expected gross domestic product (GDP) growth at current prices of 7.4% per annum under the 12MP and the goal to become a high-income and developed country.
“The role of the private sector will continue to be strengthened to resume the role as the main driver of economic growth. And to strengthen the role of the private sector, the National Investment Aspirations Policy will be the basis for comprehensive reforms in all investment-linked initiatives and policies,” he said.
He said investment institutions will be restructured to attract more quality investments that will encourage the development of complex products and services, as well as encourage the adoption of advanced technology.
“The government is also committed to increasing and diversifying sources of income, including providing income and capacity-building programmes, improving access to basic necessities, encouraging entrepreneurship and investment towards income-generating portfolios, and enhancing the social protection system,” he added.
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