Malaysia to Launch New Madani Economic Narrative in August

Malaysia is set to introduce a new economic framework called the Madani Economic Narrative, which aims to guide the country’s development based on six pillars: sustainability, prosperity, innovation, respect, trust and compassion.

The framework, which was announced by Prime Minister Datuk Seri Anwar Ibrahim, is expected to be launched in August 2023 and could potentially replace the previous Shared Prosperity Vision (SPV) that was introduced in 2019.

What Will The Madani Economic Narrative Do

According to Anwar, who is also the Finance Minister, the Madani Economic Narrative will provide a clearer direction for the country’s economy and facilitate policy implementation plans at the ministerial and related department levels.  

He said the narrative will become a large and general framework for the country’s economic pulse, and it will be explained to the people in stages. He adds that the government is giving priority and focus to the economic areas that need public understanding, such as manpower, investment priorities, green economy and others.  

The government has also assured that the implementation of the 12th Malaysia Plan (12MP), which is the first phase of the SPV, will proceed as planned for the next five years.

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The Madani Economic Narrative has received support from economists, who stressed the importance of rallying behind government policies and initiatives aimed at the country’s development rather than supporting them based on political affiliations.  

They also highlighted the need for economic reform and restructuring to transition Malaysia into a high-value country that ensures social security, improves the quality of life and preserves the environment.