The Mid-Term Review of the 12th Malaysia Plan, 2021-2025, which is the main policy document to realise the aspiration of the Madani Economy, was unveiled to take stock of the progress achieved half-way through its implementation period.
Since the 12MP was launched, far more has happened to the global and domestic economy than could have been reasonably anticipated.
Medium-term prospects for the global and domestic economic conditions are clouded by scarring effects from the Covid-19 pandemic, increasing economic complexities, geo-economic fragmentation and rivalries in advanced economies, as well as the ever-worsening climate change impact.
National income per capita in current terms is projected to increase by 4.6% per annum in 2023-2025 to RM61,000 in 2025. By 2030, the national income per capita is expected to reach RM85,115. Public delivery services shape people’s trust in and expectations of government. An efficient delivery system will make it easy and more transparent for the people and businesses to deal with the government.
Given the fiscal constraints, resource allocation must also address the fundamental issues of effective governance of public spending and timely implementation of projects so that the economic multiplier effects will be felt. The Finance Ministry can use performance results to hold ministries and agencies accountable for performance as well as to improve performance. There has been non-disclosure on details on the development budget allocations since the 10MP in 2021. This was due to the two-year rolling plan approach, which was introduced to enable a more effective review of the prioritisation of programmes and projects based on the current financial position of the government.
We hope that the government will make good on its promises without delays. These Acts have been postponed several times since mooted in 2018. The medium-term budgetary stability framework must be governed and regulated by fiscal rules. Prices of subsidised goods and services will be gradually raised to allow manageable impact on inflation and cost of living pressure.
The fiscal consolidation path continues. MTR 12MP maintained a fiscal deficit reduction target between 3% and 3.5% of gross domestic product in 2025 from an estimated 5% of GDP in 2023 .
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