Support of a majority of Malaysians that determined the success of Pakatan Harapan in the general election of 9 May 2018 is a remarkable achievement that will be part of the nation’s history.

This marks the first change of a ruling party 61-years since independence. Such an achievement certainly come with a big responsibility and high expectation.

This responsibility is even more challenging with the scale of wrongdoings of the past kleptocratic Government that needs to be addressed immediately. Nevertheless, the new Government does not see this as a burden but accepts it as a responsibility that is entrusted upon.

Towards this end, the Government will adopt changes in policies, strategies and way of implementation to fulfil the people’s expectations and to rebuild and restore the nation’s glory.

The Government is confident of its ability to transform the country towards a New Malaysia based on principles of justice, good governance, integrity and the rule of law.

In attaining a developed and inclusive nation status, the Government has implemented various reforms to enhance economic growth and the wellbeing of the people.

In this regard, the Government through the Ministry of Finance is promoting efforts to create an entrepreneurial state and promote cooperation among the 4Ps, namely, People, Professionals, Private and Public to spearhead various national development initiatives. Furthermore, to enhance prudent fiscal management, the Ministry of Finance will accelerate a zero-based budgeting system, rationalise assistance programmes, improve procurement processes and broaden the revenue base.

Meanwhile, Malaysia aspires to re-position its status internationally through active participation in the global community. Towards this end, Malaysia will continue to strengthen trade ties with major and potential trading partners through a conducive and business-friendly environment in line with the principles of Zone of Peace, Freedom and Neutrality (ZOPFAN).

By upholding the principle of prosper-thy-neighbour, Malaysia will continue to emphasise on strengthening cooperation with ASEAN members as well as other regional trade blocs. In addition, greater focus will be given to strengthening bilateral ties with China and Japan in line with the Look East Policy. In achieving the objectives outlined in Vision 2020, the Government will ensure the Malaysian economy continues to be on a sustainable growth trajectory by providing a conducive and favourable environment to attract investors and businesses.

Hence, the industries should leverage these opportunities by embracing advanced technology to enhance productivity and competitiveness. The Government also recognises the importance of the role of the young generation in driving future growth. In tandem with Industrial Revolution 4.0, efforts will be undertaken to equip this generation to become a highly- and digitally-skilled workforce.

We believe this is the responsibility entrusted upon us. The Government is confident, with cooperation and support of the people, this responsibility will be carried out successfully to attain hopes of building a New Malaysia with dignity and integrity.

Thank You.

Prime Minister Dr Mahathir Mohamad
2 November 2018

To view and download the full report for the Malaysian Economic Outlook 2019, please click the link below.