KUALA LUMPUR: Malaysia is on track to achieve developed and high-income nation status, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.
He said this followed the World Bank's revision of Malaysia's economic growth forecast for this year, which reflected stronger-than-expected household consumption, improved investment and trade performance.
"I believe the government's goal to achieve developed nation status and high-income status is on the right track.
"Yesterday, the World Bank revised Malaysia's economic growth projection to 4.9 per cent for this year, up from the initial forecast of 4.3 per cent," he said at the Rural and Regional Development Ministry's monthly assembly at Wisma Felcra, Setapak.
He also highlighted a few other positive measurements such as the rising value of the ringgit, decreasing inflation, and investments by global giants such as Nvidia, Amazon, and Microsoft.
"I mention these achievements because I believe that civil servants, particularly those in the ministry are a part of this excellence. I want the members of the ministry to use this momentum to make the most of every opportunity available."
Zahid, who is rural and regional development minister, said the country has witnessed steady progress in the past two years.
"After nearly two years since the establishment of the unity government, we have witnessed substantial progress, particularly in economic growth.
"This success is driven by effective government policies, strengthened investment and trade, and the political stability we have fostered."
He also stated his goal for the ministry towards the end of the year.
"As we approach the final quarter of 2024, we must ensure that all the early plans made this year yield results. We must demonstrate that the ministry remains among the leading one within the unity government this year."
Yesterday, the World Bank Group upgraded Malaysia's economic growth forecast to 4.9 per cent in 2024 from its initial 4.3 per cent forecast set in April, according to Apurva Sanghi, its lead economist for Malaysia.
In August, it was reported that Malaysia's economy grew at 5.9 per cent in the second quarter of 2024 (Q2 2024) supported by stronger domestic demand and further expansion in exports, beating official estimates.
The ministry's monthly assembly also featured performances highlighting the success of both the Department of Orang Asli Development (Jakoa) and Federal Land Consolidation and Rehabilitation Authority (Felcra), who was the host.
It also witnessed the presentations of the ministry's Madani Employee Award.