KUALA LUMPUR: Growth under the Shared Prosperity Vision 2030 (WKB2030) which Prime Minister Tun Dr Mahathir Mohamad launched today emphasises fair and equitable distribution of the economic cake according to the population demographics of the country.
Equitable growth takes into account the bridging of the disparities among income groups, ethnicities, regions and supply chains and the eradication of economic monopoly.
The WKB2030 document says unequal growth has brought about an ever-growing gap in income and wealth in Malaysia.
“In 2017, the median wage in Malaysia was RM2,160 per month. The median income of households in the Federal Territory of Kuala Lumpur and Selangor were almost double that in Kelantan, Kedah, Pahang, Sabah and Sarawak,” according to the document.
It says growth equality does not mean that all quarters will receive similar yields because the reality is that this does not happen in most sectors, but true wage equality can be achieved in accordance with the principle of anti-discrimination.
The document also says that equitable growth emphasises matters such as the introduction of legislation in the private sector, especially in the context of employment and wages; the bridging of household income ratios; fairer participation in the supply chain; reduction of the power of monopoly and the improvement of anti-profiteering measures.
It says the aspect of inclusiveness should also be a key principle in national development planning, whereby no group is left out of the mainstream of development. The development must include the B40 group, poor and economically vulnerable; communities in economic transition; Orang Asli; Bumiputeras of Sabah and Sarawak; people with disabilities; youths; women; children and senior citizens.
“The principle of inclusiveness, which is the basis of WKB2030, is expected to double the median wage of households, increase the number of Orang Asli in high-skilled and professional occupations and improve the social mobility of the communities in economic transition,” it says.
Inclusiveness means an economic approach that focuses on efforts to ensure that marginalised groups are also benefit from economic opportunities and participate in national development, it adds.
WKB2030 also gives focus to fostering a culture of knowledge among the community; active participation of the community in consultations to formulate policies and plan development as well as the development of a generation of a highly-skilled workforce based on the future needs of industry.
In addition, it says, it also involves an increase in technology exchange and reverse engineering in the manufacturing sector as well as strengthening intellectual property policies to enhance local intellectual property development. – Bernama
