KUALA LUMPUR: Malaysia's economic transformation momentum is expected to accelerate in 2024, reflecting strong fundamentals and investors' confidence supported by sound policies, said Finance Minister II Datuk Seri Amir Hamzah Azizan.
Amir Hamzah also said global investors are showing a renewed interest in the country's reform narrative.
This is reflected in the optimism of the domestic capital markets as exemplified by the FBM KLCI etching new highs as well as foreign direct investments committed by global companies like Microsoft, Google, Byte Dance, Infineon Technologies and Tesla.
"The encouraging 4.2 per cent growth in the first quarter of 2024 indicates that the government's policies and economic management are effective.
"We are optimistic that Malaysia's gross domestic product is well placed to expand within the official forecast range of between four per cent and five per cent in 2024," he said at the Malaysian Institute of Accountants' International Accountants Conference 2024 here today.
Amir Hamzah added that the Madani Economy framework, which mapped out fresh strategies for Malaysia's economic growth and identified new growth industries, has started to bear positive results evidenced by the economy's continuing expansion.
"This is further catalysed by economic measures outlined in 2024 Budget and the government's commitment to introduce responsible fiscal management while ensuring the welfare of vulnerable communities are protected.
"The implementation of strategies and measures under the National Energy Transition Roadmap, New Industrial Master Plan 2030 as well as the ongoing Twelfth Malaysia Plan initiatives will continue to attract quality investments in high value-added industries. This in turn will create high-income jobs and enhance the people's quality of life," he said.
Amir Hamzah also touched on the critical role of accountants in sustainable nation building.
"As the government continues to pursue systemic reforms to curb corruption, wastages and leakages, accountants play a pivotal role as proponents of good governance and ethical business practices, digital playmakers and environmental, social and governance enablers," he said.
During the event, MIA launched its sustainability blueprint for the accountancy profession.
MIA president Datuk Seri Dr Mohamad Zabidi Ahmad said the blueprint reflects its commitment to sustainable practices, and aims to provide guidelines to support accountants in embedding sustainability as part of their role and within their organisations.
"MIA also continues to advocate for digital transformation to ensure the profession is future-fit and relevant in the digital economy," he added.
Close to 3,800 delegates attended the MIA conference, both physically and virtually, this year.