Analysts posit that Malaysia is primed to achieve over 4.8% economic growth, contingent on the expeditious execution of the newly introduced Madani Economic narrative across all ministries and government agencies. Bank Muamalat Malaysia Bhd’s chief economist and social finance head, Mohd Afzanizam Abdul Rashid, emphasized the crucial role of expedited government action and interdepartmental coordination.
He noted the rich resource endowment of Malaysia, coupled with its rapidly growing population, multiracial, multicultural, and multilingual society, as factors creating a conducive environment for foreign direct investments. In this context, Rashid highlighted his anticipation for the swift implementation of the Madani Economy to catalyze the betterment of Malaysians.
The ‘Madani Economy: Empowering the Rakyat’ was inaugurated by Prime Minister Datuk Seri Anwar Ibrahim on July 27, 2023. The economic blueprint accentuates restructuring the economy to establish Malaysia as an Asian economic powerhouse, and elevating the quality of life for all citizens.
In addition, this strategic roadmap will underpin forthcoming policies including the National Energy Transition Roadmap, the New Industrial Masterplan 2030, and the Mid-Term Review of the 12th Malaysia Plan (12MP).
MIDF Research echoed similar sentiments, forecasting the release of detailed high-level targets by individual ministries as part of the Madani Economic narrative. While the fiscal implications of the narrative remain unmeasured, sustained economic growth this year has paved the way for government financing of the proposed initiatives. MIDF Research envisages the Madani Economy as the country’s future economic compass, with a clear focus on enhancing Malaysia’s regional competitiveness, revitalizing public services, and stimulating economic growth.
The research firm underscored that all economy sectors will need to join hands to boost Malaysia’s growth potential beyond the average of 4.7% since 1998, driven by the Madani Economic roadmap. This news story is based on the article from malaymail.com.