King credits ‘whole of nation’ approach with boosting Malaysia’s economic growth
KUALA LUMPUR: The Yang di-Pertuan Agong has commended the “whole of nation” approach that helped make Malaysia the fastest-growing economy in South-East Asia.
“Bank Negara recently announced that Malaysia’s economy had recorded the fastest growth in 22 years when it grew by 8.7% in 2022, the best performance in South-East Asia.
“This was achieved through hard work and the ‘whole of nation’ approach by various parties including the government, private sector, government-linked companies, non-governmental organisations and rakyat as a whole,” His Majesty Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah said when opening the second session of the 15th Parliament here on Monday (Feb 13)
He said the government should focus on the agenda of strengthening Malaysia’s competitiveness as an investment destination.
“The country recorded RM1.552 trillion worth of exports last year, a 25% increase from 2021.
“This achievement surpasses the export volume target of RM1.25 trillion by 2025, under the 12th Malaysia Plan, three years earlier than projected,” His Majesty said.
As an open economy, the King noted, Malaysia was not excluded from the impact of global economic challenges such as economic certainties following the Covid-19 pandemic, geopolitical crises that affect the supply chain, and inflationary pressure resulting in rising living costs.
In the face of such challenges, the King said he welcomed efforts to prevent leakages of public funds while speeding up efforts to effectively deliver targeted subsidies.
His Majesty also said he valued the commitment by the current government to aggressively weed out corruption by focusing on aspects such as procurement, enforcement and large-scale graft.