Malaysia well on track to become high income nation, says World Bank

(From left): Alejandro Cedeno, World Bank communications manager for East Asia and the Pacific; Firas Raad, World Bank country manager for Malaysia; Victoria Kwakwa, World Bank vice president for East Asia and Pacific; Prime Minister Tun Dr. Mahathir Mohamad and Mara Warwick, World Bank country director for Brunei, Malaysia, Philippines and Thailand.

KUALA LUMPUR: Malaysia is well on its way to cross the threshold into high-income and developed country status in the coming years, said the World Bank.

In a statement issued on Wednesday, Vice President for East Asia and Pacific Victoria Kwakwa said Malaysia's economy was well-diversified and stood on solid foundations, which are primed to take the country to the next level.  

“We welcome the government's efforts, as part of this process, to strengthen institutions, develop human capital and protect the vulnerable in the society. The World Bank Group stands ready to support Malaysia during this important transition process,” she said.

Kwakwa has just concluded an official four-day visit to Malaysia on Monday during which she met Prime Minister Tun Dr Mahathir Mohamad, Finance Minister Lim Guan Eng and Bank Negara Malaysia Governor Datuk Nor Shamsiah Mohd Yunus.  

The World Bank senior official and her delegation also met the Deputy Yang Di-Pertuan Agong Sultan Nazrin Muizzuddin Shah with whom they exchanged ideas about development trends in Malaysia and the wider region.  

These trends include the rising significance of the digital economy and skills development for future competitiveness in all countries in the region. - Bernama