Economic growth strengthening of ringgit can push M'sia to high-income status by 2027
Malaysia will become a high-income country from 2027 onwards if the national economy grows four to five per cent every year and the ringgit strengthens to around RM4.20 against the US dollar, Economy Minister Rafizi Ramli said.
He said if these targets can be achieved and Malaysia will be seen as a country with potential, which will indirectly allow it to become an ‘Asian Tiger’ again.
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He said if these targets can be achieved and Malaysia will be seen as a country with potential, which will indirectly allow it to become an ‘Asian Tiger’ again.
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NewsTranscript
00:002... 1...
00:10KDNK is 1.154 billion.
00:15KDNK is 1.154?
00:18Yes, 1.154.
00:23Is it possible for KDNK to become a national treasure?
00:31Actually, the size of KDNK is not limited to the number of KDNK.
00:39There are other sizes, such as the number of KDNK per capita.
00:44It also depends on the complexity of our economy,
00:51how much of our output is for export, etc.
00:57It also depends on our ability to become a financial hub for the international community.
01:05That's why we have to work hard.
01:07And based on the interest shown so far,
01:14and also the readiness of Malaysia in the coming economic sectors,
01:24including in terms of our energy sector,
01:29in terms of the growth of our data centers,
01:37and also the potential for us to scale up our electronic and chip industries,
01:45based on the existing activities to support these data centers,
01:52and take into account that in the future,
01:57the world will be controlled by AI and chip.
02:03So, based on these things, there is potential for Malaysia.
02:08And that's why I think the international community is giving a push to Malaysia now
02:16to see whether we can use these advantages to be at the forefront.
02:24So, I think the perception or prospect of Malaysia as the Asian economic leader
02:36also needs to be applied to the future economy.
02:41If we can use these advantages,
02:43then, of course, Malaysia will be at the forefront compared to other countries.
02:50Is there a time target?
02:53That will be discussed in RMK 13.
02:58Because, as I said earlier, there is no definition of Harimau.
03:05If you ask about the target,
03:08it will be easier if you ask about things that are beneficial to the international community.
03:14So, for example, high-income countries that are often compared to developed countries,
03:20there are benefits.
03:22The benefits will be released by the World Bank every two years.
03:30And if we continue to grow at 4-5%,
03:38every year, if, for example, our currency is around RM4.20 per dollar in the coming years,
03:50God willing, for example, Malaysia will become a developed and high-income country
03:56from RM20-RM27 and above, for example.
03:59So, these are easier benefits.
04:03So, if you ask about Harimau or not, there are no benefits.
04:08But the investors see the potential for the future.
04:13So, Malaysia has the potential to grow well
04:17and then be in the sector in the future.
04:21That's why we are seen as a country that has the potential to become Harimau.
04:26If we become a cat, it's our fault.
04:38For more UN videos visit www.un.org