Govt Introduced More Than 40 New Policies, Amended Over 80 Laws Over Three Years To Reform Economy

KUALA LUMPUR, Jan 22 (Bernama) -- The government has introduced more than 40 new policies and key initiatives and amended over 80 acts, including new legislation enacted during its three-year administration, to implement its promised economic reforms to address the people’s cost-of-living issues, according to the Ministry of Economy.

The ministry said the government also implemented more than 50 high-impact projects to improve people’s welfare.

“The MADANI government remains committed to carrying out comprehensive, phased reforms, with the primary objective of restructuring the economy and improving the people’s welfare inclusively and sustainably.

“The various reforms implemented to date have shown success at the macro level and have also contributed to increasing household incomes that the people are feeling,” the ministry said in a written response posted on the Parliament’s official website today.

The Ministry of Economy was responding to Datuk Seri Hamzah Zainudin (PN-Larut) on the extent to which the government’s economic reform promises have been fulfilled, given that incomes have not kept pace with rising living costs, and on what measurable indicators of success can be demonstrated.

The ministry also said that, based on the 2024 Household Income and Expenditure Survey (HIES), average monthly household income rose by 3.8 per cent to RM9,155 in 2024, up from RM8,479 in 2022.

The absolute poverty rate has also fallen to 5.1 per cent from 6.2 per cent over the same period.

“A combination of strong economic growth, controlled inflation, a stable labour market, rising incomes and reduced poverty are indicators that economic reforms have begun to yield results,” the ministry said.

The Ministry of Economy emphasised that the success of the government’s economic reforms is measured not only by gross domestic product (GDP) growth, but also by a combination of sustainable economic growth, controlled inflation, a stable labour market, higher worker compensation, and reduced cost-of-living burdens.

“This is in line with the direction of the Thirteenth Malaysia Plan (13 MP) and the aspirations of the MADANI Economy,” it added.

-- BERNAMA