Structural Reforms Critical For Long-term Economic Resilience
Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour during the press conference on the first quarter of 2025 (1Q 2025) at Sasana Kijang, today.
By M.Saraswathi & Karina Imran
KUALA LUMPUR, July 30 (Bernama) -- Malaysia's ongoing structural reforms to ensure long-term resilience are critical to defend the economy against global shocks, Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour said during an exclusive interview with Bernama.
He said Malaysia's foresight enabled the country to weather these shocks, such as the ravaging COVID-19 pandemic five years ago and impending challenges brought on by the United States' imposition of tariffs.
He said Malaysia's endeavour to push for social equity and fiscal sustainability has also reinforced the economy and elevated it to a position of strength. This includes preparing a future-ready workforce and enhancing social protection systems.
Malaysia's foresight in undertaking financial and economic reforms over the decades has helped strengthen the nation's economic fundamentals, enabling the country to weather uncertainties.
'Where we are today, the position of strength that we have, our ability to weather the pandemic and tariff developments, comes from our previous structural reforms. That is why we need to really continue on this path,' he said.
Abdul Rasheed emphasised that the government's commitment to reform, particularly through rebuilding fiscal space, is important for the government to support the economy effectively during challenging periods.
He also commended the government's implementation of key national strategies, including the National Investment Aspirations (NIA), New Industrial Master Plan 2030 (NIMP), National Energy Transition Roadmap (NETR) and National Semiconductor Strategy (NSS), as initiatives which attracted quality investments and generated high-paying job opportunities.
Key to this, he said, are policies to attract high-quality investments that increase economic complexity, create high-value jobs, extend domestic linkages, develop economic clusters and improve inclusivity, in line with the NIA.
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