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Malaysia On Track To Achieve Aspiration To Become High-Income Nation [09-03-2011]  
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Malaysia is on track to achieve its aspiration to become a high-income nation by 2020, says economist, Shane Oliver.

"My perception is that Malaysia is doing reasonably well compared to other Asian countries although with the whole world seemingly focussed on China these days), it is a bit hard for other Asian countries to stand out.

"I have no doubt that Malaysia will become a high-income economy -- and is well on the way to achieving that," he told Bernama here Tuesday.

Shane is head of investment strategy and chief economist at AMP Capital Investors.

AMP is a leading wealth management company operating in Australia and New Zealand, with selective investment management activities in Asia (through AMP Capital Investors) and a growing banking business in Australia.

It is one of the region's largest investment managers, with more than A$111 billion (A$1=RM3.02) in assets under management (as at 30 June 2010).

Meanwhile, another analyst said for decades, as a nation characterised by diversity, Malaysia has achieved remarkable success.

"Many had expected Malaysia to fail but the country has proven them wrong as the country is blessed with the right leadership," he said.

He said under Prime Minister Datuk Seri Najib Tun Razak, the country has managed to overcome the financial storm of 2008 well and exited the 2009 global economic meltdown quite speedily.

"The government, along with the key financial sector institutions like Bank Negara Malaysia, Securities Commission and the Bursa Malaysia Securities, have done their good job in maintaining the country's economic growth.

"It has so far managed to transform Malaysia from a low-income agrarian nation dependent on rubber and tin, into a modern, industrial, high middle income nation with strong economic fundamentals," he said.

Najib launched the Economic Transformation Programme in September 2010, an initiative by the government to turn Malaysia into a high-income economy by 2020.

The programme will lift Malaysia's gross national income to US$523 billion (US$1=RM2.99) by 2020, and raise per capita income from US$6700 to at least US$15,000, meeting the World Bank's threshold for high-income nation.

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