KUALA LUMPUR: The Malaysian economy needed to be shifted to a 21st-century economy based on digital, technology, added value, creativity and innovation from an economy based on commodities and low-value manufacturing, Minister of Economy Mohd Rafizi Ramli said.
"I hope that within these five years, we can shift the government's dependence from only a few financial sources to a combination of stronger, sustainable, diverse and progressive sources of income," he said at the debate on the motion for a vote of confidence for Prime Minister Datuk Seri Anwar Ibrahim at Parliament today.
Rafizi said Malaysia also needed to build an economic ecosystem that is fair to workers and offered wages that commensurated with qualifications and experiences so that the country has mobility and marketability opportunities up to the international level.
Therefore, he said the government or the grouping of those who have the ability to make decisions to implement difficult strategic shifts in this five-year period is important amid the difficult and challenging global and domestic economic conditions.
"We need political stability because we have to make some very difficult decisions in this global economic situation," he said.
Mohd Rafizi said at the same time, the country also needed a government that has arbitration and is free to carry out its respective duties including judicial institutions, parliament and the government in addition to protecting, empowering and striving for the independence of these institutions.
Meanwhile, Member of Parliament for Titiwangsa Datuk Seri Johari Abdul Ghani said he is concerned about the country's economic growth shrinking in the period from 2018 to 2021.
He said that based on data, the number of graduates produced by the country compared with the number of new jobs offered by the private sector in the four years clearly does not show sustainable economic growth.
"In developing economic growth, we cannot ignore the elements of investment growth and expanding consumption but when looking between these two elements, the number of new graduates and new jobs is shrinking," he said.
He said in 2018, the number of graduates produced was 299,000 compared with 101,000 new jobs; in 2019 there were 386,000 new graduates and 103,000 new jobs; 2020 with 294,000 new graduates and 73,000 new jobs; and 2021 as many as 286,000 new graduates with only 69,500 new jobs offered.
Besides that, Johari said he is also concerned about the increasing amount of national debt, which increased by almost RM400 billion in the period of 2018-2021 to reach RM1.2 trillion.
"In 2017, we paid only RM27.9 billion in interest but in 2022, interest payments will reach RM43 billion. What worries me is that it will affect the country in the next five to 10 years.
"If we do not manage this matter (debt) carefully, the fate that befalls the Malaysian government will not be different from what we saw happen to Sri Lanka," he added.
Johari was previously the Deputy Minister of Finance in 2015 and subsequently the Minister of Finance II after the cabinet reshuffled in 2016.
In the 15th General Election, he regained the Titiwangsa Parliamentary seat after losing it in the previous election.
-- BERNAMA
Bernama
Mon Dec 19 2022
The Malaysian economy needed to be shifted to a 21st-century economy based on digital, technology, added value, creativity and innovation, Minister of Economy Mohd Rafizi Ramli said. - Jabatan Penerangan
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.