KUALA LUMPUR: Malaysia is expecting slower economic growth of 4.5 to 5.5 per cent per year over the next five years amid global turbulence, even as it pledges to improve access to affordable housing, healthcare and good jobs for its people.
Prime Minister Anwar Ibrahim announced the gross domestic product (GDP) growth projection for 2026 to 2030 as he tabled the highly anticipated 13th Malaysia Plan (13MP) in Parliament on Thursday (Jul 31).
The growth target is marginally lower than the 5 to 6 per cent per annum in the 12th Malaysian Plan for 2021 to 2025.
Between 2021 and 2024, Malaysia recorded average annual economic growth of 5.2 per cent.
Anwar said the global economic landscape has been reshaped by an increasingly turbulent world facing prolonged conflicts, and tariff wars by the United States.
“We also need to be wary of the potential increase in the price of goods and rising cost of living, as well as the impact on employment opportunities and food security due to this crisis,” he said as he unveiled the country’s five-year development roadmap.
“This is the difficult reality we must accept in today’s world. Bold steps to make changes must be taken to ensure the nation’s economy remains strong and the people’s well-being is not jeopardised,” he said.
The government projects average inflation to be 2 to 3 per cent a year between 2026 and 2030, and is targeting export growth of 5.8 per cent a year.
The 13MP is the first such plan put forward under Anwar’s coalition government, made up of four main coalitions and 18 political parties.
https://www.channelnewsasia.com/asia/13th-malaysia-plan-economic-growth-cost-living-anwar-5269931
