fbpx
Connect with us

News

Malaysia on Track to Becoming a High-Income Nation by 2028, Possibly as Early as 2027

Published

Collage 23 1
Source: The Edge Malaysia & 123RF

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

The World Bank has just announced today that Malaysia is on track to achieve high-income status, highlighting the country’s impressive economic growth and ongoing development efforts toward reaching this milestone.

According to Bernama‘s reports, the Bank’s lead economist for Malaysia, Apurva Sanghi, said the country could even reach this milestone a year earlier if the ringgit keeps performing well.

Screenshot 2024 10 09 114049

“High-income status is within reach”

Apurva also noted that based on their projection of the US dollar to ringgit exchange rate at 4.54 and an average growth rate of 4.3%, Malaysia can expect to reach high-income status by 2028.

“If the US dollar to ringgit rate stays around 4.20, this goal could be achieved by 2027.”

However, he pointed out that despite Malaysia reaching high-income status, this doesn’t mean it’s also highly developed, and he warned about the risk of backtracking.

181149679 L Normal None

For illustration purposes only

Key factors that boost investor confidence

Apurva mentioned that the recent strength of the ringgit is thanks to better investor sentiment, which has been boosted by 3 main factors.

These include a loosening of US monetary policy, stronger domestic economic data in the second quarter, and some major reforms that the government has put in place.

“These factors have really played a role in boosting investor confidence and ramped up demand for the ringgit,” he added.

Screenshot 2024 10 09 114456

“A new appetite for growth”

Apurva also mentioned that the government’s targeted initiatives and Bank Negara Malaysia’s efforts to bring back funds and improve how the currency market works have given the ringgit even more support.

Globally, growth is expected to stabilise at around 2.6% this year, even with the ongoing geopolitical tensions and high interest rates.

“Malaysia is in a great spot. In emerging markets overall, we’re seeing good trends in consumer confidence, manufacturing, and services.”

Screenshot 2024 10 09 113957

What are your thoughts on this? Let us know in the comments below!

 

Also read: Singapore Finance Expert Predicts MYR May Hit RM3 Against SGD by Next Year!

My Post 3 2024 10 03T104251.969

Source: 123RF

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

My Post 1 2024 11 08T133722.989 My Post 1 2024 11 08T133722.989
News20 hours ago

Home Minister Debunks “Terrible Slander” That Over 1.2 Million China Tourists Visited Malaysia & Didn’t Leave

Home Minister Datuk Seri Saifuddin Nasution Ismail, recently took to his Facebook page to clarify and debunk the notion that...

Collage 32 1 Collage 32 1
News21 hours ago

6 Malaysian UN Peacekeepers Injured by Israeli Drone Strike in Lebanon

On November 8, Malaysia announced that 6 members of the Malaysian Battalion (MALBATT) were injured in an explosion in Lebanon....

Collage 36 Collage 36
News22 hours ago

N. Korean Soldiers in Ukraine are Apparently Hooked on Porn After Getting Internet Access for First Time

In North Korea, only its leader, Kim Jong Un, has access to the Internet. Most of the people in the...

Collage 34 Collage 34
News23 hours ago

Group of Men Casually Steals Cables at Bentong Housing Area, Remains Unfazed When Confronted by Resident

A recent video that went viral shows a group of men allegedly trying to steal copper cables at Taman Bentong...

My Post 1 2024 11 08T100918.362 My Post 1 2024 11 08T100918.362
News23 hours ago

Malaysian Armed Forces Transporter Vehicle Carrying 2 Tanks Crashes on KL-Karak Highway

An armored vehicle transporter (KPKP) belonging to the Malaysian Armed Forces (ATM) was involved in an accident on the Kuala...

Collage11 Collage11
News23 hours ago

KL High Court Orders Ex-PM Muhyiddin to Pay RM1.35 Million to Lim Guan Eng for Defamation

The High Court has ordered Tan Sri Muhyiddin Yassin to pay RM1.35 million in damages to Lim Guan Eng for...

Collage 31 1 Collage 31 1
News2 days ago

PDRM Fires Shots at Tapah R&R in Self-Defense After 2 M’sians Try to Flee & Ram into Officer’s Car

On November 5, 2 suspects attempted to ram into a police vehicle that was trying to stop them at the...

Feat Image Socket Feat Image Socket
News2 days ago

Loke: Use of Sockets on All Express Buses is Temporarily Banned After Fatal Electrocution Case in Penang

Transport Minister Anthony Loke Siew Fook has announced that the Land Public Transport Agency (APAD) has issued a temporary ban...

Announcement

Latest Videos



TRENDING TODAY