PETALING JAYA, Oct 12: Finance Minister Tengku Zafrul Aziz says Malaysia’s economy is projected to grow by up to 8% in 2021, as one of the nations in East Asia recording the fastest economic growth.
He told the 2020 Malaysian Economic Summit today this made Malaysia an attractive platform for firms to invest in and capitalise on, to thrive in the region.
“Furthermore, we have seen Malaysian businesses in key sectors taking advantage of the opportunities brought by the changing trends, including health products and equipment, electrical and electronic, fintech, and e-commerce.
“The country has also managed to create a healthy business environment, ranked 12th out of 190 economies by the World Bank in its Doing Business 2020 report, gaining three spots from the previous year.
“We hope to maintain this trajectory, to ensure continued economic recovery. Going forward, Malaysia will play to its strength,” he said in his speech which was done virtually.
Tengku Zafrul also said Putrajaya’s Budget 2021 will hinge on four key principles – caring for the people, steering the economy, sustainable living, and enhancing public service delivery.
He said the government will focus on addressing income contraction and disparity as well as the digital divide of vulnerable groups, while developing human capital through upskilling and technical and vocational education and training (TVET).
He also said Putrajaya will improve the civil service through digitalisation and better collaboration with civil societies, NGOs and agencies.
“As long as the Covid-19 vaccine is still not commercially available, the pandemic remains a threat to our socio-economic recovery, development and future growth.
“The upcoming Budget 2021 is an opportune time for the government to consider and adopt more sustainable ways to grow the economy and build our future resiliency,” he said.