KUALA LUMPUR: A total of eight aid and economic stimulus packages have been channeled by the government since the Covid-19 pandemic began and the country's economy has been showing positive signs towards recovery.
Prime Minister Datuk Seri Ismail Sabri Yaakob said the early indicators of success of the packages have been seen in the economic growth of the country.
He said previously the country's economy had contracted by 5.6 per cent in 2020, but has grown by 7.1 per cent in the first half of 2021.
"Considering that more states in Malaysia are entering the fourth phase of the National Recovery Plan (NRP) and with the opening of more economic and social sectors, the government is confident that economic growth is projected to grow between three to four percent this year and will continue to grow between 5.5 to 6.5 percent based on strong economic fundamentals.
"This is apart from the success of pandemic control, the effectiveness of the implementation of vaccination programs and the resilience of the world economy and trade prospects," he said in his speech in conjunction with Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah official birthday at Istana Negara today.
He also said that the country's economy recovery will continue to be driven by the implementation of 12th Malaysia Plan (12MP) from 2021 to 2025.
Ismail Sabri said the 12MP is a major national recovery agenda in line with the government's efforts to restore the people's economic stability, and boosting economic growth as a whole.
He said the government is committed to restructuring the country's economy as the basis for the well-being of the people to realie its objectives - 'Prosperous, Inclusive and Sustainable Malaysia'.
He also said the 12MP's direction is inline with the Shared Prosperity Vision 2030, especially to balance urban and rural development more equitably towards an inclusive Malaysian society.
"Trade and Investment Missions to several European countries has managed to increase the inflow of foreign direct investment.
"In facilitating the investment industry, various investment potentials have been successfully achieved through the National Investment Aspirations which focus on the sustainability agenda and green technology development," he added.
The government also tabled RM332.1 billion 2022 Budget recently and he gave his assurance that he will chair a monitoring committee to ensure that all the initiatives successfully achieve the targeted objectives.
He added that the government realised the achievement of good economic performance alone is not enough if issues such as weak governance, leakages, malpractices and abuse of power are still happening in the country.
The recent Auditor-General's Report 2020 showed that the government needs to make reform efforts to prevent it, he said.
He assured that the government will implement the best solutions to ensure that all the money spent gives better economic value to the people and the country.
The government will step up more rigorous and efficient enforcement actions to ensure that the same issues do not recur, he said.
"The Cabinet ministers including myself are working hard to ensure the success of the government. InsyaAllah, I will present the 100 Day government's Achievement Report when the time comes," he added.