Poverty Summary: Overview of Malaysia in the Regional and Global Context
In 1991, Malaysia established a national goal of becoming a fully developed nation by 2020 economically, politically, socially, spiritually, psychologically and culturally (6 MP, 1991-1995). The roadmap to achieve this ambition is embodied in different policy instruments, and in the recently launched 11th Malaysian plan (11MP, 2016-2020), with the theme of "growth anchored in people” for a socially inclusive society. The Malaysian Government has achieved significant success in fighting poverty and in achieving remarkable economic growth in line with their policy target. Although Malaysia was affected by the Asian financial crisis of 1997-1998 as well as the Global financial crisis in 2009, it continued to post solid growth rates, averaging 5.5 percent per year from 2000-2008, recovering rapidly, with growth rates averaging 5.7 percent since 2010. In 2010, Malaysia launched the New Economic Model (NEM), which aims for the country to achieve high income status by 2020 while ensuring that growth is also sustainable and inclusive. The NEM includes a number of reforms to achieve economic growth that is primarily driven by the private sector and to move the Malaysian economy into higher value-added activities in both industry and services.
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