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

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.