PUTRAJAYA: Malaysia is on track to achieve high-income economy status by 2024, World Bank lead economist Richard Record said.The World Bank has set US$12,375 as the threshold level to define high-income economy status, Record said, adding that Malaysia’s target was achievable.
Record said the World Bank’s forecast that the Malaysian economy will grow by 4.7% this year was lowered by 0.1% to 4.6% because of weaker investment and export activity. “This follows a robust expansion in 2018,,especially during the zero-rated Goods and Services Tax period,” he said. He said the Consumer Price Index was projected to average about 1% for 2019, mainly due to the diminishing effect of changes to consumption tax policy towards the second half of the year.
Heard this 10 years before 10 years have past look where are we now.
Of course SEA countries benefit from this, especially those with decent infrastructures. The world views us as cheap labour market, what do tou expect? This is nothing to get too excited about, unless we take advantage of the increased FDIs
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