KUALA LUMPUR, May 21 ― With five years left to hit its goal of lifting Malaysia from the middle-income trap by 2020, Putrajaya has already outlined a fresh 10-year target for the country's Gross Domestic Product (GDP) to hit RM2.6 million by 2030.

According to the 11th Malaysia Plan unveiled today, Malaysia's GDP per capita is also expected to increase to RM117,250 by 2030 for an expected population of 36 million people.

“From the aspect of economy, the size of Gross Domestic Product is expected to increase from RM1.4 trillion in 2020 to RM2.6 trillion in 2030.

“The GDP per capita is projected to double, that is from RM54,890 in 2020 to RM117,260 in 2030,” said the plan that was tabled today by Prime Minister Datuk Seri Najib Razak in Parliament.

Last year, Malaysia had an economic growth of six per cent and recorded a GDP per capita figure of USD10,796.

Malaysia had initially fixed US$15,000 as the GDP per capita level needed for developed nation status, but Putrajaya said in the 11th Malaysia Plan that it expects the country to exceed it with a figure of US$15,690 (RM54,100) by 2020.

But Putrajaya also gave its assurance that it would close up the income gap between the top 20 per cent group, the middle-income group of 40 per cent and the poorest group amounting to 40 per cent.

Wealth distribution in Malaysia will be fairer as the expected income inequality figure or Gini coefficient will be 0.385 in 2020 and drop even lower to an unspecified target in 2030, the plan said. The figure for last year is 0.401.

It is targeting an average monthly household income of RM10,540 by 2020.

The 11th Malaysia Plan also said it expects the country’s population to hit 32.4 million in 2020 and 36 million in 2030, with an urbanisation rate of 75 per cent and 80 per cent for both years.

By 2030, less than 23 per cent are expected to be below the age of 14, while the bulk or 68 per cent will be aged 15 to 64, and with those above the age of 65 to account for the remaining nine per cent.

According to the Department of Statistics Malaysia’s population clock available online, the country’s population at the time of writing has reached over 30.46 million.