Malaysia can be high-income nation by 2028

Malaysia can be high-income nation by 2028 due to the spurt in economic growth and strengthened ringgit said World Bank lead economist Apurva Sanghi.

World Bank itself has raised Malaysia’s growth forecast by 0.6 percent to 4.9 percent.

He pointed out that higher growth means better living standards and that coupled with stronger ringgit makes the higher income status feasible.

Malaysia’s economy has grown 12 since pre- Covid-19 pandemic time and the spurt has put Malaysia second only to Singapore in Southeast Asia.

“This also means M’sia could reach high-income status as early as 2028 – assuming continuing reforms – and luck,” Sanghi said on X.

Sanghi has urged Putrajaya to ficus on reforms to ensure the current progress is not derailed.

This includes doing away fuel subsidies and tackling underemployment of 2 million Malaysians.

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