The prime minister said the government has worked hard, since securing the mandate in the May 2018 general election, in implementing these institutional reforms to combat corruption, protect liberties, enhance governance and restore the health of public finance.

These reforms are being carried out to regain the people’s trust in public institutions and restore Malaysia’s reputation in the eyes of the world, he said in the foreword to the Economic Outlook 2020 released by the finance ministry today.

Mahathir said if Malaysia is to become a stable and developed economy, the dividends from the country’s growth must be felt by all segments of the society.

“Our reforms have borne fruits and made our economy more resilient in the face of external pressures, particularly arising from the persistent trade war between China and the United States,” he added.

Despite the widespread global economic slowdown, Malaysia’s gross domestic product (GDP) growth accelerated to 4.9% in the second quarter of 2019, from 4.5% in the previous quarter, thus making Malaysia among the few countries in the world that had witnessed stronger expansion this year.

However, more needs to be done, stressed the prime minister.

To this end, the government has formulated the Shared Prosperity Vision 2030, with the overarching goal of raising the living standards of all Malaysians to a decent level by 2030.

There are three objectives to be fulfilled under the shared prosperity agenda, namely to address income and wealth inequality in the society so that no one is left behind; to create a more progressive and more participatory higher-value economy; and to establish Malaysia as one of the leading economic pillars in Asia.

Meanwhile, as part of the shared prosperity agenda to raise the living standards of the rakyat, the government would put in more efforts to attract high value-added, high-technology and knowledge-intensive manufacturing investments into the country.

This, Mahathir said, would create new higher-skilled and better-paying jobs for more Malaysians.

It will pave the way for the five industries, as targeted by the Industry4WRD policy, namely those involving electrical and electronics (E&E), machinery and equipment, chemical and chemical products, aerospace, and medical devices.

Meanwhile, tourism, private healthcare and professional services, as well as retail trade, food and beverages, are among areas identified for further development under the services sector.

“These major listed initiatives are only some of the steps we are taking to propel Malaysia into the ranks of high-economies.

“But these efforts will fail if we are divided.

“It is important to realise that regardless of our backgrounds, all of us have a stake under the Malaysian sun.

“Only when we share the ideals can we fulfil our dreams,” he said.