KUALA LUMPUR - The government is planning a more targeted national economic model through various engagement sessions with stakeholders, civil society organisations (CSOs) and the academic sector due to slow economic growth forecast this year.
Economy Minister Rafizi Ramli said the focus will be given on three strategies which were strengthening the country's fiscal position by increasing revenue and rationalising spending including more targeted subsidies, identifying new sources of growth and implementing economic structural reforms.
The government will focus on sectors with potential such as tourism and agriculture.
"We will focus on improving the administration especially towards government projects by studying and drafting the level of competency in terms of economic value to quicken the implementation and save costs.
"The emphasis will be given to increase investment, create more job opportunities, dealing with inflation and ensuring the implementation of minimum wage to aid the working class," he said at the Minister's Question Time (MQT) at the Dewan Rakyat, on Tuesday.
He was replying to Datuk Seri Hamzah Zainudin (PN-Larut) who asked to which extent the Economic Action Council (EAC) and the Economic Planning Unit (EPU) were planning on targeted economic model to reduce the global economic downturn in 2023.
Rafizi said the ministry is in the process of preparing its half term of the 12th Malaysia Plan review and all related strategies and initiatives will be detailed in the document.
"In addition to achieving economic growth, the well-being of the people is prioritised by the country to ensure all levels and groups of society can experience the national development from various aspects.
"Several strategies and initiatives have been implemented to improve the people's well-being in line with the Sustainable Development Goals. This was in line with the aspirations of Malaysia Madani inspired by Prime Minister Datuk Seri Anwar Ibrahim," he said.