KUALA LUMPUR (May 21): Malaysia recorded an encouraging economic achievement in the first quarter (1Q) of 2024 at 4.2%, surpassing the expectations of many parties who projected the growth rate at 3.9%, said Prime Minister Datuk Seri Anwar Ibrahim.

“In a global economic environment which continues to be uncertain, almost all sectors have surged and catalysed the growth in the first quarter of 2024.

“This macroeconomic achievement should be celebrated together,” he said in a national address that was broadcast live on all media channels on Tuesday night.

Citing the country's economic performance, Anwar said the labour market grew by 2.1%, increasing the total workforce to 16.4 million.

“The inflation rate remained low at 1.7% compared with 1.6% in the fourth quarter of 2023, and for the first four months of 2024, Malaysia's trade volume grew by 8.3% to RM912.27 billion," he added.

Anwar, who is also the finance minister, further said that at the same time, the government does not deny the cost of the living burden faced by the people and this is the main focus of the Madani government.

He mentioned that the strategies taken by the Madani government cover new plans involving various sectors and aspects of the economy.

“Among them, the launch of the National Energy Transition Roadmap, New Industrial Master Plan 2030, 12th Malaysia Plan Mid-Term Review, besides the Madani Budget effort,” he said.

Touching on efforts to increase the income of the people, Anwar said the industrial master plan has targeted the monthly income of workers in the manufacturing industry to rise to a minimum of RM4,500 by 2030.

He also said that Khazanah Nasional Bhd has mobilised efforts to produce new entrepreneurs in high-growth sectors with RM1 billion in funding.

All these policies are aimed at achieving the aspirations of the Madani Economy, namely to increase the people’s standard of living and restructure the economy to propel Malaysia to become a champion in the Asian region. 

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