Sarawak targets 8 percent GDP growth

Abang Johari delivering his speech at the IDECS 2020 opening ceremony. Photo: UKAS

KUCHING: Sarawak will continue to strive for an eight percent gross domestic product (GDP) growth by 2030 despite challenges posed by the Covid-19 pandemic.

Chief Minister Datuk Patinggi Abang Johari Tun Openg in stressing this said the economic growth is needed for the state to achieve a high income and developed status.

“In order to achieve a high income and advanced state by 2030, we will need to achieve an economic growth rate of eight percent annually to double the size of our economy from RM133 billion in 2018 to RM282 billion by 2030,” he said when officiating at an International Digital Economy Conference Sarawak (Idecs) 2020 at Borneo Convention Centre Kuching (BCCK) today.

Abang Johari said moving forward, Sarawak needed to enhance its productivity to remain competitive and at the same time, create a clean, healthy and resilient environment that would last for generations.

“On May 6, 2020, along with my cabinet, I established the Sarawak Economic Action Council (SEAC) to formulate the State government’s post Covid-19 exit economic strategy 2030,” he said.

The chief minister said his vision for Sarawak is that it would be a developed state by 2030 with a thriving data-driven economy and innovation.

“This is also where everyone enjoys economic prosperity, social inclusivity and a sustainable environment.

“In arriving at Sarawak’s vision, it is not only about economic growth, but it is also about cascading the wealth and prosperity equitably and sustainably to all the people of Sarawak,” he said.

Abang Johari also noted that the impact of the Covid-19 pandemic on the world economy, which was expected to result in a loss of approximately US$5.8 trillion to US$8.8 trillion, according to the Asian Development Bank (ADB).

“Covid-19 will have permanent, long-term effects on how economies and financial systems operate in the future. We are no longer able to do ‘business as usual’,” he said.