Malaysia well on track to becoming high-income nation
KUALA LUMPUR: Malaysia is well on its way to crossing the threshold into high-income and developed country status in the coming years, said the World Bank.
World Bank vice-president for East Asia and Pacific Victoria Kwakwa on Wednesday (Dec 12) said Malaysia’s economy was well-diversified and stood on solid foundations, which are primed to take the country to the next level.
“We welcome the government’s efforts, as part of this process, to strengthen institutions, develop human capital and protect the vulnerable in the society. The World Bank Group stands ready to support Malaysia during this important transition process,” she said.
Kwakwa on Monday concluded an official four-day visit to Malaysia during which she met Prime Minister Mahathir Mohamad, Finance Minister Lim Guan Eng and Bank Negara Malaysia governor Shamsiah Mohd Yunus.
The World Bank senior official and her delegation also met Deputy King Nazrin Muizzuddin Shah with whom they exchanged ideas about development trends in Malaysia and the wider region.
These trends include the rising significance of the digital economy and skills development for future competitiveness in all countries in the region.