KUALA LUMPUR, Oct 8 — Malaysia has a strong potential for robust productivity growth, in line with the 12th Malaysia Plan 2021-2025 (12MP) aspiration towards becoming a high-income nation.
In its Economic Outlook 2023 report released yesterday, the Ministry of Finance (MoF) said the government has implemented several initiatives to strengthen Malaysia’s productivity.
These initiatives include accelerating the shift to digital technology, undertaking effective talent development, strengthening public-private collaboration, adopting good regulatory practices and enhancing innovation that could boost the economy.
“The strengthening of Malaysia’s productivity will provide a solid foundation to accelerate the economic growth momentum and boost the country’s global competitiveness,” MoF said.
The ministry highlighted that the Covid-19 pandemic had strongly emphasised the need for a rapid shift to digital technology, which is essential under the new norms, noting that digital adoption allows all sectors to engage and collaborate virtually to increase productivity.
“The government is committed to accelerating technology adoption through the establishment of the National Council of Digital Economy and Fourth Industrial Revolution.
“The council provides clear and coherent policies on digitalisation and technology to scale up capabilities in technological advancements and spur the growth of the digital economy,” it said.
On effective talent development, the MoF said that the Malaysia Productivity Corporation (MPC) has been working on talent development with relevant stakeholders to build a productive workforce of the future.
This effort aims to address the shortage of workers and provide opportunities for low performers in the national education system through dedicated programmes, the latest being Academy in Factory, it said.
— Bernama
