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Old Posted Apr 27, 2021, 10:40 AM
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nazrey nazrey is offline
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Malaysia to Achieve High Income Status Between 2024 and 2028, but Needs to Improve the Quality, Inclusiveness, and Sustainability of Economic Growth to Remain Competitive
MARCH 16, 2021

KUALA LUMPUR, March 16, 2021 – Malaysia is likely to transition to a high-income economy between 2024 and 2028, a reflection of the country’s economic transformation development trajectory over past decades. However, further reforms are required to successfully join the ranks of other leading and developed economies, according to a new World Bank report - Aiming High – Navigating the Next Stage of Malaysia’s Development launched today.

Malaysia‘s GNI per capita is at US$11,200 according to latest estimates, only US$1,335 short of the current threshold level that defines a high-income economy. Progress towards the threshold has been slowed by the impact of the COVID-19 pandemic and the country has the opportunity to undertake bold reforms to sustain future growth and to ensure that the proceeds of growth benefit all segments of the population.
GNI per capita 2019
ASIA PACIFIC (some emerging market nations)

Singapore $59,590
Australia $55,100
Hong Kong $50,800
New Zealand $42,760
Japan $41,710
South Korea $33,790
Brunei $32,230
Malaysia $11,200
China $10,390
Thailand $7,260
Fiji $5,800
Indonesia $4,050
Sri Lanka 4,020
Philippines $3,850
Vietnam $2,590
India $2,120
Nations in-between high income and upper middle income!

New World Bank country classifications by income level: 2020-2021
High income > 12,535
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