MALAYSIA is on stronger economic footing now than it was at the height of the Covid-19 pandemic.
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the nation was on track to recovery based on the increasingly positive growth momentum.
This was proven by three consecutive quarters of economic growth since the fourth quarter of 2021, he said.
He also pointed to the 8.9 per cent expansion in the second quarter of this year.
"We also revised our 2022 growth outlook from 6.5 per cent to 7.0 per cent in the tabling of the 2023 Budget recently.
"We see all this as a validation of our economic policies and fiscal management since the onset of the pandemic.
"Our bold actions in saving lives and livelihoods, protecting businesses over the past two and a half years, have enabled us to build greater resilience in the economy to face future challenges, especially the bleak global outlook for 2023," he said in a keynote address at the Youth Economic Forum 2022 (YEF 2022) on Saturday.
Tengku Zafrul, however, did not deny that Malaysia was also exposed to global risk factors.
These headwinds included recession due to the sharp tightening of monetary policy, Russia's invasion of Ukraine, and China's strict zero-Covid policy.
"All this is in addition to emerging challenges, like the risks to food and energy security, while climate change poses a threat to our very existence," he said.
Tengku Zafrul added that agility, resilience and impact were crucial to nation-building, and restated the 3R approach — Responsive, Responsible and Reformist — that the ministry had adopted in the economic management of the country.
"Governments must be agile. This means they need to be responsive to the needs of the people and to changes in both the global and domestic operating landscapes.
"This, however, must be complemented by the need to be responsible. Doing the right thing is not always favoured, yet doing it responsibly could build the nation's resilience.
"Although we are aware that job numbers have improved, issues such as under-employment and youth unemployment must be addressed. This is where reforms come in to create long-term growth that will transcend generations and build social cohesion," he said.
Tengku Zafrul said this was reflected in Malaysia's unemployment rate of 3.7 per cent in August this year, which was back to pre-pandemic levels.
He also mentioned that the government embraced environmental, social and governance (ESG), as well as Sustainable Development Goals (SDG) considerations in developmental and economic policymaking.
He added that the ministry's 3R approach required discipline and determination, and it was the responsibility of every person, especially the younger ones to realise the goal.
"We must restore stability to bring back Malaysia's shine and appeal in the eyes of investors and the international business community.
"You are the future of Malaysia. We will not prosper, nor will we survive, if our young remain passive and disengaged.
"So come forward with determination and the desire to remain invested in this country's progress as the torch of leadership, in your families, companies, communities, industries and even countries, will be passed to you all," he said.
FRESH TAKE ON WORLD CHALLENGES
YEF 2022 has given the younger generation an opportunity to actively give their views and share ideas on the country's development.
Perdana Fellow Alumni Association (PFAA) president Mistika Idris said the voices of the youth must be heard.
"Given the major challenges the world faces — a global pandemic, inflation, climate change, social disruption caused by digitalisation, and an employment landscape being transformed — it is amply clear that resilience is key.
"We are a generation that has seen challenges, integration and globalisation not as threats but as opportunities — for education, exploration, employment and exchange.
"YEF 2022 acts as a platform to empower this generation to make a decision and voice out views by sharing ideas with experienced panels from different fields," she told the New Straits Times after the launch of YEF 2022.
The ninth instalment of YEF, organised by PFAA, brought together more than 500 youths from various backgrounds to discuss global issues and promote new perspectives on economic development.
The forum also aimed to allow young professionals to seek innovative solutions, and bridge the gap between the government, industries and the public.
During the country's transition to the endemic phase, Mistika said the younger generation must uphold the responsibility to restore prosperity, inclusivity and sustainability.
"We want them to realise that there are many things that can be done to drive the economy during this transition.
"Many people complain about the state of governments, the efficiency of intergovernmental organisations or the legitimacy of non-governmental organisations and startups, but condemning only gets us so far.
"The change may not come today but it could with passion, perseverance, discipline and effort. We cannot solve the challenges of our time unless we solve them together," she said.
YEF co-director Wei Min Jue said the forum not only focused on economic issues but also discussed social issues that could affect the country's economy.
"For example, it discussed some policies that could have a severe impact on the youth and the country.
"Some of them are not aware of this. We help them understand that these policies could affect their future.
"This includes discussing aspects of education, digitalisation, business, economy and politics," he said.