Kuala Lumpur: The initiatives under the Madani Economy has the potential to drive positive change for Malaysia by embracing a strategic and value-based approach, particularly during a time of domestic and global uncertainties, says Malaysian Rating Corporation Bhd (MARC).
It said from the economic perspective, the Madani framework is timely in view of the upcoming Budget 2024, the New Industrial Master Plan and the expected tabling of the Fiscal Responsibility Act this year.
As a signal of policy consistency, the theme “Empowering the People” maintains the government’s momentum towards human capital development in Malaysia.
“Human capital development is specifically embedded within the Madani narrative’s mission of inclusive growth, equal opportunities and a vibrant labour market,” MARC said in a statement.
Commendably, measurable goals in this respect include being in the top 25 in the Human Development Index, increasing the labour share of income to over 40 per cent and increasing the participation rate of the female labour force to 60 per cent.
“The government expects to continue strengthening basic education and promote lifelong learning, and developing human capital will further reinforce the government’s goal to improve the social safety net,” it said.
It added that human capital development and social well-being are essential to raise productivity, maintain sustainable gross domestic product (GDP) growth and raise the potential of GDP growth in Malaysia.
