Malaysia's economy and stock market set to soar under Anwar's leadership

 

**Malaysia's economy and stock market set to soar under Anwar's leadership**

Malaysia is poised for a strong economic recovery and growth in the next decade, thanks to the visionary policies and reforms introduced by Prime Minister Anwar Ibrahim. Since taking over the helm in November 2022, Anwar has unveiled several initiatives to boost the competitiveness, productivity and inclusiveness of the Malaysian economy, as well as to improve the quality of life and well-being of the people.

One of his flagship programmes is the **Madani Economy**, a comprehensive framework that aims to transform Malaysia into one of the world's top 30 economies by 2033, with a GDP per capita of US$20,000. The Madani Economy also sets ambitious targets for Malaysia to rank among the top performers in various global indices, such as the Global Competitiveness Index, the Human Development Index and the Corruption Perception Index¹³.

To achieve these goals, Anwar has outlined several key strategies and actions, such as:

- Creating more high-paying jobs and increasing wages for workers, especially in the manufacturing and services sectors. Anwar has announced a review of the minimum wage level and a progressive wage model to ensure income growth for low- and middle-income earners⁵.

He has also proposed to implement tiered foreign worker levies to reduce reliance on low-skilled foreign labour and to encourage automation and training for local workers³.

- Enhancing the participation and empowerment of women in the economy and society. Anwar has pledged to increase the female labour force participation rate from 55.8 per cent in 2022 to 60 per cent by 2033³.

He has also launched various programmes to support women entrepreneurs, such as the Women Entrepreneurship Fund, the Women Business Accelerator and the Women Mentorship Programme¹.

- Promoting innovation and digitalisation across all sectors and industries.

Anwar has unveiled the **New Industrial Master Plan (NIMP) 2030**, which aims to reverse Malaysia's premature de-industrialisation and to move up the value chain in key areas such as electrical and electronics, aerospace, biotechnology, green technology and halal products².

He has also allocated RM5 billion for the Digital Malaysia 2030 initiative, which will provide incentives and infrastructure for digital transformation, e-commerce, cybersecurity and artificial intelligence¹.

- Establishing a special financial zone in Iskandar Malaysia, Johor, to attract more foreign direct investment and talent. Anwar has announced that Iskandar Malaysia will be designated as a **Global Business Services Hub**, offering tax breaks, regulatory exemptions and other benefits for financial institutions, multinational corporations and start-ups that set up their operations there⁵.

He has also said that Iskandar Malaysia will be connected to Singapore via a high-speed rail link by 2028¹.

- Improving social justice and equal opportunities for all Malaysians, regardless of race, religion or region. Anwar has emphasised that the Madani Economy is based on the principles of moderation, compassion and inclusiveness³.

He has pledged to prioritise the underprivileged and low-income groups in the provision of scholarships, education, healthcare, housing and basic amenities³.

He has also announced various cash handouts and e-wallet credits for civil servants, pensioners, veterans and low-income earners⁵.

These initiatives have already shown positive results in boosting Malaysia's economic performance and investor confidence.

In 2023, Malaysia's GDP is expected to grow by 6.5 per cent, while its stock market index (FBM KLCI) is projected to reach 2,000 points by year-end¹.

Analysts have also praised Anwar's leadership and policies for bringing stability, transparency and optimism to Malaysia after years of political turmoil and uncertainty.

With Anwar at the helm, Malaysia is set to soar higher in the next decade and beyond.

The Madani Economy is not only a plan for economic development, but also a vision for national unity and harmony. As Anwar himself said: "It is about elevating the status and dignity of our nation...and ultimately providing the people with the benefits to enjoy a better quality of life."³

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Source: Conversation with Bing, 29/07/2023

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