Malaysia Government Initiatives to Increase the Economic & Income Per Capita

Malaysia is a federal constitutional monarchy located in Southeast Asia. It consists of thirteen states and three federal territories. Malaysia divide into two which is Peninsular Malaysia and East Malaysia. Malaysia is a country rich in ethnic diversity and food. In Malaysia, we have different races such as Malay, Indian, Chinese, Kadazandusun, Baba and Nyonya and other races. Because we have different races that why we have different food of all races.  To attract tourist to come to Malaysia, Malaysia should become a develop country. In addition, the economy must be stabilized in order to attract investors and potential investors to invest in Malaysia. That is one way to increase the Economic and Income Per Capita by attract the tourist and investor.

To become a developed country, Malaysia Government should have initiatives to increase the economic and income per capita. What is the initiatives that Malaysia Government to increase the economic and income per capita? The Malaysia Government initiatives to increase the economic and income per capita is by introduce Economic Transformation Programme (ETP). Economic Transformation Programme is to get Malaysia’s into high income economy and developed country in 2020. Economic Transformation Programme develop on 21 September 2010. Income per capita means average income measures the average income earned per person. Economic and income per capita is important to country to measure the living standards of people in country. From Economic Transformation Programme, government recognize the potential activities that contribute significantly to the growth of the economy of Malaysia. Economic Transformation Programme are initiatives project to drive propelling its Gross Net Income per capita and increase the economic. The increasing in the economic can reduce the number of unemployment and provide the high income status to people in the country. This will be achieved by attracting the investors and do the investment, which will provide the jobs opportunities to unemployed people, many of the jobs with high-income. Economic Transformation also reminding the “Vision 2020” introduced by the former Prime Minister, Dr. Mahathir bin Mohamad during the Sixth Malaysia Plan in 1991. This mission forms the basis of pursuit of high income status, economic prosperity, social well-being, educational world class, political stability as well as physiological balance. The primary mission is to eradicate extreme poverty, increase the economic and income per capita and be a develop country in 2020.

The newest Malaysia Government initiatives to increase the economy and income per capita is the 11^th Malaysia Plan (2016-2020) which is towards a first world mentality nation. Before 11^th Malaysia plan there have previous plan which is 10^th Malaysia Plan. The 11^th Malaysia Plan, will most likely the previous transformation initiatives in to achieved high-income nation status. In the 11^th Malaysia Plan, the strategies are formulated to accelerate economic growth, sectoral governance reforms, and enhancing internationalisation of product and services. The 11^th Malaysia Plan is likely Economic Transformation programme which form basis of the pursuit of high income status (income per capita), encompass the creation of a society that is mature, progressive and competitive and concerns with the aim of improving the quality life or living standards, while also addressing barriers to self-sustainability in the economy.

To increase the economy and income per capita, Malaysia should become a develop country and stabilize the economy first. Many initiatives that Malaysia Government plan to increase the economic and income per capita so that show Malaysia Government really care about their economy and society because income per capita can measure the living standards of people.