On 27 July 27 2023, Malaysia's Prime Minister, Dato’ Seri Anwar Ibrahim, unveiled the Madani Economy: Rakyat Empowerment Framework, referred to as "the Framework."
The main objectives of the Framework are:
To empower the people and create a strong economy that benefits all Malaysians.
To enhance economic growth, promote investment, and strengthen local industries to become more innovative and competitive globally.
To ensure that everyone, including traders, entrepreneurs, public servants, professionals, workers, and urban and rural communities, can enjoy the benefits of the country's economic development comprehensively.
To elevate the dignity and status of Malaysia by restructuring the economy and making it a leader in the Southeast Asian region.
To address pressing issues affecting the Rakyat, such as rising living costs and the impact on the people.
These objectives aim to create a just and equitable society, improve the quality of life for Malaysians, and position Malaysia as an independent and prosperous nation.
The short-term targets under the Framework include:
Accelerating the implementation of projects for schools and dilapidated clinics.
Eradicating hardcore poverty through initiatives such as the Inisiatif Pendapatan Rakyat (IPR) and the Payung RAHMAH Concept.
Strengthening monitoring and resolving emerging issues.
Efficient implementation in executing reforms.
Best governance practices without compromising implementation efficiency.
The medium-term targets under the Framework include:
Malaysia ranked among the Top 30 largest economies in the world.
The Global Competitiveness Index ranks in the top 12 in the world.
The percentage of labour share of income reaches 45% of the total income.
Increase Female Labor Force Participation Rate to 60%.
The Human Development Index ranks within the top 25 in the world.
Improve Malaysia's position in the Corruption Perceptions Index to the Top 25.
Targeting a 3% or lower fiscal deficit for fiscal sustainability.
These targets aim to drive economic growth, enhance competitiveness, reduce poverty, and improve the overall well-being of Malaysians.
In conclusion, the MADANI Economy: Empowering the People Framework aims to empower the people and create a strong economy that benefits all Malaysians.
It seeks to enhance economic growth, promote investment, and strengthen local industries to compete in the global market.
The framework also addresses pressing issues affecting the Rakyat, such as rising living costs and income disparity.
Through short-term targets like accelerating infrastructure projects and eradicating hardcore poverty and medium-term targets like improving competitiveness and fiscal sustainability, the framework aims to create a just and equitable society, improve the quality of life for Malaysians, and position Malaysia as a prosperous nation.
It emphasises the importance of unity, justice, and a moral economy in achieving these objectives.