MALAYSIA will have to maintain its gross domestic product (GDP) growth between 4.5% and 5% per annum for the next 10 years to achieve targets under the Shared Prosperity Vision 2030 (SPV2030), said Economics Affairs Minister Mohamed Azmin Ali.

“For the next quarter and until year end, the situation is quite challenging for us. As long as we can sustain (GDP growth) of 4.5% to 5%, we should be on the right track,” he told reporters after the launch of SPV2030 in Kuala Lumpur today.

Malaysia’s GDP expanded by 4.9% in the second quarter of the year.

One of the targets under the SPV2030 is to achieve a nominal GDP value of RM3.4 trillion by 2030.

This means the country will have to achieve an average growth of 4.7% per annum between 2021 and 2030 to hit its target.

Azmin added that the government has the enablers and strategies to achieve the vision. 

The Malaysian Institute of Economic Research had projected that Malaysia would have to achieve economic growth of 8% to attain goals under the SPV2030.

Chairman Kamal Salih said GDP growth would have to be somewhere between 6% and 8%, and not 4.5% to 5%.

Azmin said the government is looking to attract foreign direct investments (FDI) in new areas such as aerospace and the digital economy.

In addition to invigorating the economy, this will also create job opportunities for locals, he said.

He added the government is looking at the inflow of domestic direct investment.  – October 5, 2019.