KUALA LUMPUR: Malaysia’s economy is on track to grow between 5.0 and 5.5 per cent per annum for the remainder of the 12th Malaysia Plan (12MP), driven by domestic demand, particularly private sector expenditure.
According to the Mid-Term Review of the 12th Malaysia Plan 2021-2025 report, tabled in Parliament today, the gross national income per capita in current prices is projected to increase by 4.6 per cent per annum to RM61,000 or US$14,250 in 2025.
"Inflation elevated to 3.3 per cent in 2022. GNI per capita in current prices was higher at RM52,968 in 2022 compared with RM42,838 in 2020. On sectoral reforms, the report said it will be accelerated by boosting the high-growth, high-value industries related to energy; technology and digitalisation; electronics & electrical ; agriculture and agro-based; and non-radioactive rare earth.
Meanwhile, the report stated that the electricity subsector will be enhanced by increasing renewable energy capacity with a target of 31 per cent in 2025, in line with the Big Bold HGHV Industry based on Energy Transition. "Low carbon mobility initiative will also be enhanced through production and installation of energy-efficient vehicles, including electric and hybrid vehicles,” it said.
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