World
Malaysia may soon join world’s top-tier economies – World Bank
In spite of the disruptions caused by the novel coronavirus pandemic, Malaysia is likely to reach high income economic status within five years, the World Bank has said.
Having transformed living standards in less than a generation, the transition will mark a major milestone in the country’s development, the bank said in a report published on Tuesday.
According to the bank, over the past three decades, only 19 countries with populations of over one million have made the leap to the top tier.
It added that 55 countries, Malaysia inclusive, stuck in the so-called “middle income trap.’’
Malaysia’s Gross Domestic Product (GDP) per capita was just over 11,400 dollars, according to World Bank estimates, making it South-East Asia’s third-highest after tiny neighbours – Singapore, a finance hub – and Brunei, an oil-rich sultanate.
Malaysia’s progress stalled last year as its GDP shrank by 5.6 per cent, the most since the Asian financial crisis of the late 1990s.
The World Bank said that Malaysia was hit by a “triple shock’’ of pandemic, lockdowns and global recession.
Speaking at the report launch, Mustapa Mohamed, Minister in the Prime Minister’s Office, said that Malaysia’s economy should “improve” in 2021 as restrictions were being lifted. (dpa/NAN)
ROYAL NEWS is recruiting. Click for details
Copyright 2020 ROYAL NEWS. All rights reserved. Digital material on this website, may not be published, reproduced, broadcast, rewritten or redistributed in whole or in part without prior express written permission from ROYAL NEWS.Contact: info@royalnews.com.ng
- Politics2 years ago
Breaking…Kwara assembly suspends 16 LGs chairmen
- News1 year ago
Army approves cigarettes allowance, N20,000 salary increment for soldiers
- Metro1 year ago
BREAKING…. Kwara govt announces total lockdown in Offa
- Education1 year ago
UNILORIN education faculty emerges best in Nigeria
- Politics1 year ago
Gbemi Saraki finally breaks silence, changes political slogan
- Politics1 year ago
Breaking… Kwara governor appoints Yinka Aluko S A Special Duties
- News2 years ago
Sokoto assembly confirms Gov Tambuwal’s 26 comissioner nominees
- Politics2 years ago
Breaking…GOV. ABDULRAZAQ APPOINTS COMMITTEE ON REVIEW OF SALES OF GOVT PROPERTY (See full names)