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The Minister in the Prime Minister s Department (Economic Affairs) said it was important for youths to obtain the right skillset, especially since the country is increasingly focusing on the high-end manufacturing and services sector. Talents are the key for us to be a competitive nation, as we also want to achieve a high income, inclusive and sustainable economy, he said at the Youth Economic Forum (YEF) 2021 as a panelist for the virtual session titled The Economic Agenda - The World in a Structural Break: A New Direction for Emerging Economies on Friday (March 5).
He noted that as Malaysia embarks on the Twelfth Malaysia Plan (12MP) (from 2021 to 2025), there is much to be done on the technology adoption front.
Early intervention via life-long learning, better early education and greater digital accessibility will help close the income gap in the country, as well as provide equal opportunities for the people over the long-run, says Prime Minister Tan Sri Muhyiddin Yassin
05 Mar 2021 / 11:46 H.
KUALA
LUMPUR: Malaysia needs to transform into a global exporting player, grow its manufacturing capabilities and create its homegrown multinational companies (MNCs) to break out of the middle-income trap, said Prime Minister Tan Sri Muhyiddin Yassin (
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According to the prime minister, in the decade before the 1998 Asian Financial Crisis, Malaysia’s cumulative gross domestic product (GDP) growth stood at 8.4 per cent annually, but had fallen to 4.6 per cent in the following two decades since then.
“With productivity growth now stagnant, annual per capita income has stalled at about US$10,000 (US$1=RM4.068) for nearly a decade, suggesting Malaysia is ensnared in the middle-income trap,” he said in his opening remarks at the virtual Youth Economic Forum 2021, themed “A Brave New World” today.
KUALA LUMPUR (Bernama): Malaysia needs to transform into a global exporting player, grow its manufacturing capabilities and create homegrown multi-national companies (MNCs) to break out of the middle-income trap, says Prime Minister Tan Sri Muhyiddin Yassin.
According to the prime minister, in the decade before the 1998 Asian Financial Crisis, Malaysia’s cumulative gross domestic product (GDP) growth stood at 8.4% annually, but had fallen to 4.6% in the following two decades since then. With productivity growth now stagnant, annual per capita income has stalled at about US$10,000 (RM40,683) for nearly a decade, suggesting Malaysia is ensnared in the middle-income trap, ” he said in his opening remarks at the virtual Youth Economic Forum 2021, themed A Brave New World” Friday (March 5).