Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Malaysia Says It’s on Track to Achieve High-Income Nation Status

May 13 (Bloomberg) -- The Malaysian government said it’s on track to achieve a goal of becoming a high-income nation by 2020 as the country enters the mid-point of a 10-year program to transform the economy and reduce reliance on oil revenues.

Gross national income per capita in Southeast Asia’s third-largest economy rose to $10,060 last year, the government said in the 2013 annual report for its so-called Economic Transformation Program released yesterday. That compares with a previously reported $9,970 in 2012, and the target of $15,000 by 2020. The country received 161.1 billion ringgit ($50 billion) of private investments last year, it said.

Prime Minister Najib Razak is dismantling decades of subsidies to address fiscal risks identified by Fitch Ratings, which cut Malaysia’s credit outlook in July. The government said private consumption now accounts for more than half of gross domestic product, while a broadened tax base has increased revenue even as the country depends less on contributions from its oil and gas industry.

“Malaysia’s economic transformation is evolving to acquire the characteristics of a high-income economy that is service-based, private-consumption driven and being less reliant on oil revenues,” the government said.

A nation is considered high income when GNI per capita meets or exceeds $12,616, according to the World Bank.

To contact the reporter on this story: Manirajan Ramasamy in Kuala Lumpur at rmanirajan@bloomberg.net

To contact the editors responsible for this story: Stephanie Phang at sphang@bloomberg.net Shamim Adam, Khalid Qayum

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.