Economic Planning Unit: Penang on track to record 5.4pc average annual growth rate under 12MP

According to the 12MP document release by the Economic Planning Unit (EPU) today, Penang recorded economic growth of 3.5 per cent during the 2016-2020 period, which is above the national average of 2.7 per cent per annum. — Picture by K.E. Ooi
According to the 12MP document release by the Economic Planning Unit (EPU) today, Penang recorded economic growth of 3.5 per cent during the 2016-2020 period, which is above the national average of 2.7 per cent per annum. — Picture by K.E. Ooi

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GEORGE TOWN, Sept 27 — Penang is projected to register an average annual growth rate of 5.4 per cent for the 2021-2025 period under the 12th Malaysia Plan (12MP), compared with 3.5 per cent during the 11th Malaysia Plan.

According to the 12MP document released by the Economic Planning Unit (EPU) today, Penang recorded economic growth of 3.5 per cent during the 2016-2020 period, which is above the national average of 2.7 per cent per annum.

“The Federal Territories, as well as Selangor, Penang, Kelantan, Perak, Kedah, Johor and Negri Sembilan, recorded economic growth above the national average of 2.7 per cent per annum.

“The growth in most of these states was predominantly led by the services and manufacturing sectors,” it said.

The document also noted that measures were undertaken to catalyse economic activities to reduce socioeconomic disparities among regions and states, whereby in this regard, all regions recorded a better performance in terms of gross domestic product (GDP) per capita.

Penang, in particular, managed to record GDP per capita of RM54,718 during the 2016-2020 period, surpassing the national average of RM43,378.

The state also showed an improvement in the median monthly household income in 2019, recording RM6,169, which surpassed the national median of RM5,873.

The 12MP document also highlighted that each state would continue to play an important role in socio-economic development to achieve more balanced and inclusive growth, whereby strategic development programmes at the regional and state levels would be implemented through state-driven initiatives and private sector-led projects.

As an example, it said the development of new townships led by the private sector, including the Setia Fontaines in Penang, is expected to provide additional jobs and business opportunities.

“The Setia Fontaines township is expected to leverage the eco-city concept, thereby encouraging compact development in a high-density area.

“Such private-led development projects will be the catalysts for greater growth in states,” it added. — Bernama

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