Second Finance Minister: Malaysia’s economic transformation to accelerate this year

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Amir Hamzah says the Madani Economy framework, which outlines new strategies for Malaysia’s economic growth and identifies emerging growth industries, has yielded positive results, as demonstrated by the continued expansion of the economy. — AFP photo

KUALA LUMPUR (June 11): Malaysia’s economic transformation momentum is expected to accelerate in 2024, reflecting strong fundamentals and investors’ confidence, supported by sound policies, said Finance Minister II Datuk Seri Amir Hamzah Azizan.

He said the Madani Economy framework, which outlines new strategies for Malaysia’s economic growth and identifies emerging growth industries, has yielded positive results, as demonstrated by the continued expansion of the economy.

“The encouraging 4.2 per cent growth in the first quarter of 2024 indicates that the government’s policies and economic management are effective.

“We are optimistic that Malaysia’s gross domestic product is well placed to expand within the official forecast range of between four per cent and five per cent in 2024,” he said in his keynote address at the Malaysian Institute of Accountants (MIA) International Accountants Conference 2024 today.

The two-day conference, themed “Navigating New Frontiers, Embracing Sustainability”, is aligned with MIA’s advocacy for the future relevance of the profession to support sustainable nation building.

Amir Hamzah noted that global investors are increasingly interested in the reform narrative, as reflected in the optimism in the domestic capital markets.

This is exemplified by the FBM KLCI reaching new highs and the significant foreign direct investments from global companies such as Microsoft, Google, ByteDance, Infineon Technologies, and Tesla.

During the event, the MIA launched the MIA Sustainability Blueprint for the Accountancy Profession.

MIA president Datuk Seri Dr Mohamad Zabidi Ahmad said the blueprint reflected MIA’s commitment to sustainable practices, and aims to provide guidelines to support accountants in embedding sustainability as part of their role and within their organisations.

“MIA also continues to advocate for digital transformation to ensure the profession is future-fit and relevant in the digital economy,” he added.

Close to 3,800 delegates attended the MIA conference, both physically and virtually, this year. – Bernama