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Economy

Malaysia development plan moves up high-income nation goal to 2025

New government looks beyond COVID, targets 4.5-5.5% average GDP growth

A construction site in Kuala Lumpur on Sept. 27: The government has unveiled a $95.5 billion plan to accelerate growth and achieve developed country status.   © Reuters

KUALA LUMPUR -- Malaysia aims to average 4.5% to 5.5% annual economic growth through 2025 and become a developed country by that year, five years earlier than a target set by former leader Mahathir Mohamad.

Prime Minister Ismail Sabri Yaakob revealed the goals on Monday as he tabled a sweeping five-year development plan, to be debated and voted on in parliament. The blueprint aims to guide the country beyond the economic ravages of the COVID-19 pandemic, though the fight against the virus is far from over and the premier himself stressed the government's financial constraints.

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