The economy went through high unemployment, labour force disruptions, and a hit to pensions since the 12MP was first tabled in 2021.
The 12MP mid-term review, tabled by Prime Minister Anwar Ibrahim in the Dewan Rakyat on Sept 11, brings its total allocation to RM415 billion.
“In addition, the new priorities of the Madani economic policy, including seven new targets, are different from the original 12MP, so they render the original version redundant.” Anwar stated that the increase was necessary to enhance management quality and reallocate subsidies to cover basic needs. He said the 12MP will be realigned with the Madani economic policy, which aims to empower and accelerate the country’s economy for a 10-year period.
“These are properly focused reforms, rather than extra spending disguised as reforms, as we have had in the past.” Universiti Malaya senior economics lecturer Goh Lim Thye said the focus areas highlight various current socio-economic challenges; set ambitious long-term goals; and emphasise the significance of global competitiveness, innovation, inclusivity, investor confidence, and sustainability.Goh hailed the mid-term review’s importance in assessing progress made in achieving the 12MP’s goals, offering insights into both successes and failures, which enable informed decision-making.
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