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Malaysia On Its Way To Become A High-Income Nation, But Must Focus On 6 Areas, World Bank Says

Malaysia On Its Way To Become A High-Income Nation, But Must Focus On 6 Areas, World Bank Says

Hakim Hassan

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Despite being hit by Covid-19, Malaysia is on its way to become a high-income country within 10 years, according to the World Bank.

In the June 2020 edition of their monthly report, Malaysia Economic Monitor, the institution said to make the transition, Malaysia must focus on 6 areas:

  • raising female labour force participation
  • improving human capital
  • boosting competitiveness
  • creating well-paying, high quality jobs
  • modernising institutions
  • promoting inclusion

In the short term, Malaysia will need an enhanced social protection system that caters to its most vulnerable groups to survive the Covid-19 crisis and thrive in the new normal, the Bank said.

In the near term, government efforts focus on supporting relief and recovery efforts by deepening social assistance for lower income households, improving the delivery of social protection programs, and promoting job recovery. Further rounds of cash transfers are important help the most vulnerable groups mitigate financial strains as well as support domestic consumption and human capital development.

The World Bank via Malaysia Economic Monitor report June 2020

Over the medium and long term, the Bank said, the support for lower-income groups can be gradually expanded to ensure Malaysia’s social protection system can provide a minimum level of protection for all households and individuals in need.

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