M'sia needs to transform to break out of middle-income trap, says Muhyiddin

KUALA LUMPUR (Bernama): Malaysia needs to transform into a global exporting player, grow its manufacturing capabilities and create homegrown multi-national companies (MNCs) to break out of the middle-income trap, says Prime Minister Tan Sri Muhyiddin Yassin.

According to the prime minister, in the decade before the 1998 Asian Financial Crisis, Malaysia’s cumulative gross domestic product (GDP) growth stood at 8.4% annually, but had fallen to 4.6% in the following two decades since then.