THE Mid-Term Review of the Eighth Malaysia Plan marks another milestone in our journey towards national development. The Eighth Malaysia Plan, launched in 2001 as the first phase of the Third Outline Perspective Plan (2001-2010), translates into action the National Vision Policy that aims at enhancing competitiveness and strengthening economic resilience.
The last three years were extremely challenging in view of the adverse global situation and its attendant effects on economic growth. Although the Malaysian economy grew at a lower rate than was targeted, it achieved creditable growth given its openness and high exposure to electronics exports and particularly in comparison with the performance of other economies in the region. More importantly, growth occurred in an environment of stable prices, low unemployment rate and strong surplus in the current account of the balance of payments. The economic base has become broader with increased contribution from the promoted services sectors and the shift of the manufacturing sector into high technology and knowledge-intensive activities. Although the fiscal deficit increased due to counter-cyclical measures introduced by the Government, it remained within prudent limits. We also made good progress towards creating a more equitable society in terms of poverty eradication, income distribution, and bumiputra employment in strategic and modern economic sectors.
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