KUCHING: In a recent development, Sarawak has achieved high-income state status, which has drawn contrasting implications, according to economist Dr Evan Lau.
While this milestone highlighted the effectiveness of the strategies and programmes implemented in managing Sarawak, he said it also raised concerns about income distribution, rural-urban development, and overall societal wellbeing.
“This (achieving high-income status classification) could potentially send mixed signals to the rakyat, particularly regarding income disparities.
“There is also a possibility that the prices of goods and services may increase due to higher incomes, resulting in greater buying power,” he told New Sarawak Tribune.
When asked about the next steps for Sarawak after attaining high-income status, Lau stressed the importance of sustaining the implementation of various initiatives aimed at economic diversification to drive Sarawak’s progress.
“While pursuing high-income status is significant, it should not be the sole focus. Sarawak’s Post Covid-19 Development Strategy (PCDS) 2030 agenda prioritises transforming socioeconomic wellbeing by fostering sustainable and inclusive economic opportunities for all.”
Furthermore, the PCDS recognised the importance of social indicators such as education and healthcare in facilitating human development and contributing to sustainable high-income levels in the long term, he added.
“Therefore, in order to realise these objectives, Sarawak should prioritise enhancing its education systems, investing in research and development, and delivering high-quality healthcare services.
“By doing so, Sarawak can unlock its full potential for long-term economic growth while ensuring comprehensive development and wellbeing for its people.
“It is crucial to carry out these efforts in a manner that promotes environmental sustainability and acknowledge the significance of preserving natural resources for future generations.”
On July 1, World Bank Lead Economist Malaysia, Apurva Sanghi tweeted that Sarawak had officially achieved high-income state status with a gross national income (GNI) per capita exceeding USD13,205.
