KUALA LUMPUR (March 16): The government is confident that the household income target of RM10,000 per month by 2025 can be achieved through various macro-strategies introduced to revive and strengthen economic fundamentals.
Deputy Minister of the Prime Minister’s Department (Economy), Datuk Eddin Syazlee Shith, said 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.
“The target set is realistic based on achieving the increase in average household income for the period from 2009 to 2019 at 7.0% per annum,” he said during a session. Q&A at Dewan Rakyat today.
Eddin was responding to a question from Datuk Mahfuz Omar (PH-Pokok Sena) who wanted to know the government’s plans to make Malaysia a high-income country by 2025.
Under the 12th Malaysian Plan (12MP), the government aims to increase the average household income from RM7,089 in 2020 to RM10,065 in 2025, an increase of 7.3% per year.
Eddin said the target set was also in line with the expected growth in gross domestic product (GDP) at current prices of 7.4% per year under the 12MP and the goal of becoming a high-income country and developed.
“The role of the private sector will continue to be strengthened to resume the role of the main driver of economic growth. And to enhance the role of the private sector, the National Investment Aspiration Policy will serve as the basis for comprehensive reforms in all investment-related 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 the adoption of advanced technologies.
“The government is also committed to increasing and diversifying sources of income, including providing income and capacity building programs, improving access to basic necessities, encouraging entrepreneurship and investing in income-generating portfolios and improving the social protection system,” he said. – Bernama