Prime Minister Datuk Seri Anwar Ibrahim today said among Malaysia's initial achievements this year include, S&P Global Ratings and Fitch Ratings have maintained Malaysia's sovereign credit ratings at A- and BBB+, respectively, with a "Stable" outlook.
"Malaysia's GDP growth for the first quarter of 2024 was 4.2%, compared to 3% in the fourth quarter of 2023, while recovery and growth was seen in merchandise exports at a rate of 5.2% in the first quarter of 2024 compared to a contraction of 8.1% in 2023.
"And, the FBM KLCI index surpassed the 1,600-point level and the domestic equity market value reached a historic high of RM2 trillion."
He added Malaysia recorded the highest approved direct investments in 2023 amounting to RM329.5 billion, which is 23% higher than 2022.
Last year, the Government launched MADANI Economy with 'Empowering the People' as its cornerstone to address the structural economic issues of the country.
The MADANI Economy is a new framework and initiative to elevate the stature, dignity, and movement of Malaysia which aims to raise the ceiling. It revolves around restructuring the economic foundation to drive growth, boost investment, and strengthen local industries to be more innovative and competitive. Ultimately, our goal is to restore our country as a leader in the Asian region.
Anwar said this today at a working Budget 2025 Engagement forum, adding, the MADANI economy also aims to enhance the standard of living for the people, including comprehensive social protection, meaningful job creation, and wealth distribution to build a more equitable society.
"In line with the planning of the MADANI Economy, several key policies have been launched. These include the National Energy Transition Plan, the New Industrial Master Plan 2030 (NIMP), the Mid-Term Review of the 12th Malaysia Plan, and the National Semiconductor Strategic Plan (NSS)," said Anwar, highlighting that today's discussion was focused on the Third MADANI Budget (2025) as a continuation of efforts to realise its vision.
He also emphasised the Government's commitment to implementing the MADANI Economy to stimulate effective economic growth and enhance the standard of living for the Malaysian people.