The Madani Economy Framework will anchor the comprehensive restructuring of the Malaysian economy, supported by several important transformations such as having a revitalised industrial sector, said Bank Negara Malaysia governor Datuk Abdul Rasheed Ghaffour in a press conference after announcing Malaysia’s economic growth for the second quarter of 2023 on Friday (Aug 18).
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NewsTranscript
00:00 In second half 2023, households remain supported by recent measures announced by the government,
00:11 namely the RM100 E29 for B40s and M40s, as well as the RM300 and RM200 special assistance
00:19 for civil servants and pensioners, respectively.
00:23 Growth continues to be supported by investment activity.
00:27 Funding for capital expenditure remains forthcoming, and also investment intentions.
00:34 New approved investments totaled 71.4 billion ringgit in the first quarter of 2023.
00:41 Going forward, the economy would benefit from the realisation of new investments and also
00:46 from existing projects, particularly the large infra projects such as the ECRL and also the
00:53 digitalisation projects.
00:56 I should mention, progress of these investments is critical, not just to support immediate
01:01 growth but also to lift Malaysia's future growth potential.
01:06 In this regard, the implementation of catalytic projects such as those announced under the
01:11 recently unveiled National Energy Transition Roadmap would also provide support to growth
01:18 in the medium term.
01:20 In fact, some of these projects are already in progress, with more commencing next year.
01:25 It is important to note, because it is not just focused on headline GDP growth, but also
01:31 quality growth that is inclusive and also sustainable over the long term.
01:36 To this end, the Madani framework will anchor the restructuring of the Malaysian economy
01:42 to achieve this vision.
01:44 Within this framework, the Malaysian economy will see several important transformations,
01:49 such as having a revitalised industrial sector that is supported by quality investments which
01:55 will create quality and high-paying jobs, becoming a climate-resilient and greener economy,
02:02 and also improvement in fiscal governance and transparency, which will enhance confidence
02:07 from investors and also credit rating agencies.
02:12 Among the key initiatives which will be important in driving this includes the new industrial
02:18 master plan, the National Energy Transition Roadmap, and the tabling of the Fiscal Responsibility
02:27 Act.
02:28 In the short term, we can expect to see positives to support growth from the implementation
02:34 of several important catalytical projects under the National Energy Transition Roadmap.
02:40 Thank you.
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