In an environment rife with domestic and international challenges, Malaysia’s productivity growth rate for 2023 is forecasted to be a modest 3%. Tengku Datuk Seri Zafrul Abdul Aziz, the Minister of Investment, Trade, and Industry, highlighted the need for significant strides to be taken in boosting productivity.
Aiming high under the newly introduced Madani Economy blueprint, the nation sets its sights on breaking into the top 12 in the World Competitiveness Ranking. Despite this ambition, the minister expressed concern, stating, “Our productivity growth is yet to undergo the transformation required to move Malaysia out of the middle-income trap swiftly.”
Speaking at the online inauguration of the Productivity Report (PR) 2023, Tengku Zafrul emphasized the vital role of both public and private sectors in enhancing productivity by prioritizing employee welfare and living standards. A direct correlation was drawn between employee satisfaction, performance, and profitability, leading to sustainable productivity growth.
The task ahead is significant. “The Ministry of Investment, Trade, and Industry (Miti) and its associated agencies face a formidable challenge. Yet, I remain confident that we are committed and prepared to reach the Madani Economy goals,” the minister declared.
The PR 2023, themed “Sustainable Productivity,” was unveiled by the Malaysia Productivity Corporation (MPC), outlining the nation’s productivity strategies. The MPC’s chairman, Datuk Kamaruzzaman Johari, shared the organization’s dedication to broadening productivity enhancement, focusing on talent, technology, and regulation.
Johari described the MPC’s approach as encompassing and far-reaching, aiming to foster a productivity-friendly business environment through various policies and frameworks.
Malaysia’s productivity and competitiveness have indeed shown commendable growth, reaching the 27th position in the World Competitiveness Ranking (WCR) 2023 by the Institute for Management Development (IMD). This ascension was credited to an impressive GDP growth of 8.7% in 2022 and a robust productivity recovery at 5.4%.
Source: The Star