KUALA LUMPUR - Malaysia is targeting economic growth of 4.5% to 5.5% per annum between 2021 and 2025 as it recovers from the impact of the COVID-19 pandemic, Prime Minister Ismail Sabri Yaakob said on Monday.
Malaysia's export-driven economy has taken a hit from the pandemic. The central bank slashed its full-year growth forecast to 3.0%-4.0% from 6-7.5% last month - the second cut this year.
The Southeast Asian nation's financial position is also expected to improve in 2023 as the economy strengthens, the premier said in parliament, while launching Malaysia's five-year economic plan until 2025 called the 12th Malaysia plan.
The government will spend 400 billion ringgit ($95.53 billion) on existing and new development projects between 2021 and 2025, compared with 260 billion ringgit in the 11th Malaysia plan, Ismail Sabri said.
Malaysia is now expected to become a high income, high tech nation by 2025, he said. ($1 = 4.1870 ringgit)
(Reporting by Rozanna Latiff, Liz Lee and Mei Mei Chu Editing by Ed Davies ) ((firstname.lastname@example.org; Twitter: @AnanthalakshmiA;))