KUALA LUMPUR: Malaysia is on track to surpass the World Bank’s minimum threshold for an advanced economy by 2020, Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar said today.
He said this was made possible by the country’s holistic, integrated and inclusive approach to national development, which has seen its gross national income (GNI) per capita grow from US$402 in 1970 to more than US$10,000 this year.
“Over the last five decades, we have experienced significant economic and social progress, transforming from agro-based economy into an industrialised nation.”
“And today we are poised to transform into a high-income and advanced nation by 2020,” Abdul Wahid said while closing the Asean Conference on Accounting Education 2015.
He said Malaysia’s approach had also involved targeting multidimensional objectives, such as achieving price stability, fiscal sustainability, improving distribution of income, access to quality education and training, and improving living standards.
To make the economy more inclusive, he said, the government has also strived to reduce poverty levels, which has fallen from a high of 49.3 per cent in 1970 to 0.6 per cent last year.
Abdul Wahid said average household income levels have also risen over the same period from RM264 to RM6,141, while median income levels rose to RM4,585 from RM166.