PM: Development no longer just about GDP, but ‘shared prosperity’

Prime Minister Tun Dr Mahathir Mohamad tabling the mid-term review of the 11th Malaysia Plan in Parliament, Kuala Lumpur October 18, 2018. — Picture by Yusof Mat Isa
Prime Minister Tun Dr Mahathir Mohamad tabling the mid-term review of the 11th Malaysia Plan in Parliament, Kuala Lumpur October 18, 2018. — Picture by Yusof Mat Isa

KUALA LUMPUR, Oct 18 — Tun Dr Mahathir Mohamad stressed today that Putrajaya will no longer measure development through economic growth, while tabling the mid-term review of the 11th Malaysia Plan in Parliament today.

The prime minister said development will now means “shared prosperity” between all citizens from an increase in purchasing power, and the elimination of a wide income gap between classes and ethnicities.

“This document illustrates a paradigm shift when it comes to development. We no longer see development using solely economic growth or gross domestic product (GDP).

“We see development from the aspect of increasing the people’s purchasing power and development that can be enjoyed by all citizens or ‘shared prosperity’.”

Dr Mahathir also said that no state or territory will be left behind.

“Development in the real sense must contribute towards the development of Malaysian nation. Continued and widespread economic growth require a non-economic environment to also be robust and free from political hold.

“Governance must be clean from corruption and abuse of power. The wealth of the country will not be robbed by any party,” he said, evoking Pakatan Harapan’s victory against what he called “kleptocratic” Barisan Nasional.

He said the revised 11th Malaysia Plan tabled today will be a medium-term blueprint, while a short-term strategy will be presented during Budget 2019 next month.