KUALA LUMPUR, Dec 17 — A recent report by the World Bank has indicated that Malaysia could very soon achieve a high-income nation status by 2020.
The Malaysia Economic Monitor report says that the country is on par to surpass the definition of a high-income economy between 2020 and 2024.
“World Bank Staff projections suggest that Malaysia could achieve this threshold level by 2021 under the baseline scenario, or by 2020 in the high episode scenario and by 2024 in the low episode scenario,” the report was quoted as saying in The Star.
According to current standards by the World Bank, a high-income economy is defined as a nation with a gross national income (GNI) per capita of not less than US$12,236 (RM49,916.76).
The report said that in 2017, Malaysia’s average GNI per capita is predicted to achieve US$9,660 (RM39,407.97).
This figure, it said, was just US$2,576 or RM10,508.79 less than the benchmark of a high-income status.
World Bank Group, Malaysia and Thailand, director for regional partnerships Dr Ulrich Zachau had said that Malaysia’s 2017 gross domestic product (GDP) is projected to grow at 5.8 per cent, year-on-year, the highest annual growth rate since 2014.
For 2018, he said, the country is expected to remain strong and projected a growth of 5.2 per cent.
Source: The Malay Mail Online