PUTRAJAYA: Malaysian Prime Minister Mahathir Mohamad has revealed a new economic model for Malaysia to achieve shared prosperity by 2030.
The shared prosperity model aims to bring a “decent standard of living” to the people by 2030 across economic class, race and geographic location.
“Shared prosperity aims at bridging the income and wealth gaps between economic classes, races and geographical territories,” he said in a special address on Thursday (May 9) at Pakatan Harapan’s first anniversary in power celebration.
The `shared prosperity by 2030` model will replace the `Vision 2020` model which has failed to accomplish its mission which was to push Malaysia towards a developed nation, said Dr Mahathir.
In his special address on the first anniversary of “Malaysia Baharu” — the nation’s first change in federal government since its inception – Prime Minister Tun Dr Mahathir Mohamad said the old economic model “Vision 2020” in the past decade failed because it focused only on adding more national debts.
“The nation`s economy radical transformation in the past decade resulted in us not being able to become a developed nation as underlined under Vision 2020.
“The economic model in the past decade only focused on adding more national debts.
“The 70% increase in job availability comprised unskilled jobs. Much of the nation’s equity ownership turned to foreign hands. Economic growth focused on the country’s major cities, and sidelined equity ownership and growth, as well as opportunities for locals,” he said.
The objectives of the shared prosperity 2030 are to: Increase wages and overcome wealth gap; create a progressive economy with participation from all Malaysians; and turn Malaysia into a leading economy in Asia.
However, the 93-year old interim Premier outlined 7 pillars to achieve this Shared Prosperity 2030:
- Improving the nation’s business and industry ecosystems.
- Implementing the Industrial Revolution 4.0 and adopting digital economy, and adding creating high-skilled jobs.
- Turning Malaysia from a consumer nation to a productive, industrial nation.
- Reforming human capital and improving labour market and wages.
- Strengthening social well-being through needs-based policies.
- Inclusive territorial development
- Improving society capital, combined with strong social support mechanisms.