 |
| Great accomplishment:
The country may achieve high-incom e-nation status by 2018, two years
ahead of the 2020 goal, especially after the rollout of the ETP. |
PETALING
JAYA: Malaysia is well on its way to achieving high-income status by
2020 or earlier, going by official data and economic performance thus
far.
While there has been much debate over how effective the
various measures and initiatives under the Economic Transformation
Programme (
ETP) have been, numbers do not lie.
In terms of gross national income (GNI), Malaysia saw its
GNI
per capita increase to US$9,970 (RM30,239) as of end last year compared
to US$6,700 (RM20,321) in 2009, a surge of 49% in the three years since
the ETP was launched.
The ETP, the brainchild of
Datuk Seri Najib Tun Razak, contains a detailed plan of action that aims to place the country in the high-income band, as defined by the
World Bank's criterion of US$15,000 per capita based on GNI by 2020.
The
ETP was launched in October 2010, which saw gross domestic product
(GDP) rise 7.2% year-on-year in that year. Projects under the ETP have
given the economy a much-needed boost amid a slowdown in trade and the
bleak global outlook, with GDP up 5.1% in 2011 and 5.6% last year.
For
one thing, robust domestic demand, especially in private consumption,
continues to be an indication that people's incomes have risen, while
the continued growth of the economy also indicates income growth,
especially since many jobs have been created in areas which have pushed
the country's manufacturing sector up the value chain.
At
end-2012, projects under the ETP had attracted committed investments of
RM211.34bil and grew GNI to RM135.64bil, creating 408,443 jobs. The ETP
as a whole envisions investments worth RM1.4 trillion and the creation
of 3.3 million jobs in the 2011 to 2020 period for the country to
achieve high-income status.
According to the Performance
Management and Delivery Unit (Pemandu), Malaysia had surpassed its GNI
and GDP targets for last year.
Pemandu
pointed out that the country might even reach high-income-nation status
by 2018, two years ahead of the 2020 goal, should current projections
hold true, when measured against GDP growth, especially after the
rollout of the ETP.