Rail News

DATE

October 05 , 2021


Malaysia pledges spending, green goals in 5-year economic plan

Reuters 
September 27, 2021 (Kuala Lumpur, Malaysia)

  • PM Ismail Sabri tables 12th Malaysia Plan
  • Expects 4.5%-5.5% average annual GDP until 2025
  • Govt to spend over $95 bln on developments in 2021-2025
  • Carbon tax, no more coal power to reach 2050 carbon neutral goal

Malaysia's Prime Minister Ismail Sabri Yaakob on Monday tabled a new five-year economic plan, boosting infrastructure spending and committing to a carbon tax under climate change goals as the country looks to chart its way out of a pandemic-induced slump.

Launching the 12th Malaysia Plan in parliament, Ismail Sabri said the country's financial position was expected to improve in 2023, with the economy targeted to grow 4.5%-5.5% per annum in the next five years.

Malaysia posted average annual growth of 2.7% between 2016-2020, dragged down by a 5.6% contraction last year due to the outbreak of COVID-19, the premier said.

Gross national income per capita rose to 42,500 ringgit ($10,150) in 2020, about 20% lower than the level required to become a high-income country. Malaysia now expects to reach that target by 2025, Ismail Sabri said.

Plan includes new highways and rail networks linking rural areas with urban and industrial hubs, more affordable housing, as well as improvements in health, education, and broadband connectivity.

Source
https://www.reuters.com/world/asia-pacific/malaysia-targets-gdp-growth-45-55-per-annum-until-2025-pm-2021-09-27/

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