PETALING JAYA: Malaysia is on track to becoming a high-income advanced economy due to the Government’s bold action and tough decisions in implementing the National Transformation Programme (NTP), said Datuk Seri Najib Tun Razak.
Speaking at the launch of the 2016 NTP annual report, the Prime Minister said Malaysia’s gross national income (GNI) per capita – which reflects the average income of citizens – was now US$10,010 (RM43,100), just 18% short of the World Bank’s benchmark of US$12,275 for a developed country.
Najib said that the NTP has to date created 2.26 million new jobs, or 69% of the 3.3 million new jobs which they promised.
Malaysia’s economy has, meanwhile, grown at an average of 5.1% per year since 2010, twice the average growth of the world economy for the same period.
“We can see clearly how the Government’s efforts have put the country’s economic fundamentals on a solid and sustainable track, and how the results have brought big benefits to the people,” said Najib.
Presenting what is likely to be the Government’s last NTP annual report before the next general election, the audience at the event included leaders from Barisan Nasional’s component parties.
“This Government has taken many bold actions, and many tough decisions, to achieve Malaysia’s goal of becoming a high-income advanced economy,” Najib said at the event held at Universiti Teknologi Mara in Shah Alam.
Launched in 2009, the NTP is the centrepiece of the Government’s efforts to drive Malaysia towards high-income nation status.
It comprises the Government Transformation Programme (GTP) and the Economic Transformation Programme (ETP).
The GTP is a programme by the Government to address seven key areas concerning the people, ranging from fighting corruption to addressing the cost of living.
The ETP is a programme that aims to lift the country to high-income status by 2020 through 12 National Key Economic Areas.
Taking on the NTP’s critics and naysayers, Najib said he remained a “gentleman” and an anak jantan (being a real man) in personally presenting the progress of the NTP each year since 2010.
“All the facts, figures and percentages of success reported are not rhetoric, made up or made by the Government for the sake of syok sendiri (self-satisfaction); the figures have all been audited by independent and credible international parties,” said Najib.
While critics continued to attack the Government’s management of the economy, they could not counter the fact that the economy had in reality expanded by 5.6% in the first quarter of this year, which exceeded the expectations of many, including the World Bank, he noted.
Addressing the Opposition’s promise to have a zero-rated Goods and Services Tax (GST) – effectively abolishing the tax – if it came to power, Najib asked how the Opposition will come up with the GST’s RM42bil annual revenue.
Apart from physical and economic development, the NTP also focuses on the people’s well-being by addressing their concerns.
Citing women’s participation in the economy as an example, Najib said that before the NTP, women only held 7.6% of positions in the boards of public listed companies.
Women now make up 16.8% in the boards of the 100 listed companies, thanks to the NTP.
Barisan, said the Prime Minister, had strong and unwavering political will to do whatever is necessary to ensure continued growth and prosperity for the country.
“That has made all the difference and it is now paying off. To us, the Government, failure is not an option,” said Najib.
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