KUALA LUMPUR (May 21): The Eleventh Malaysia Plan (11MP), which outlines the country's growth strategies from 2016 to 2020, will be based on the national development strategy to deliver impactful results for the capital and people economies at affordable cost.

Prime Minister Datuk Seri Najib Tun Razak said in the 11MP report that capital economy was about gross domestic product (GDP) growth, big businesses, large investment projects and financial markets. Meanwhile, people economy involved jobs, small businesses, cost of living, family wellbeing, and social inclusion.

"To ensure the success of the 11MP and to attain our aspiration of an advanced nation that is inclusive and sustainable by 2020, the support, commitment, and dedication of every Malaysian is crucial.

"It is my belief that the true greatness of our nation comes from the enduring spirit of Malaysians, our shared values and ideals, and the great talent of our people. I urge all Malaysians to join us on the last leg of our momentous journey towards becoming an advanced nation. We will come together as a nation and we will get there together," Najib said.

According to the 11MP report, the nation's real GDP is targeted to expand between 5% and 6% a year between 2016 and 2020. In 2014, the economy grew 6%.

Another goal involves gross national income (GNI) per capita reaching RM54,100 (US$15,690) in 2020. In 2014, GNI per capita stood at RM35,949 (US$10,426).

"The Plan is expected to create 1.5 million jobs by 2020, with targeted improvements in labour productivity through the continuous shift from labour-intensive to knowledge- and innovation-based economic activities.

"Growth will be driven by the private sector with private investment expanding at 9.4% per annum. All economic sectors will witness strong growth with the manufacturing and services sectors contributing more than 75% of GDP," the report said.

11MP to focus on six strategic thrusts

The 11MP will focus on six strategic thrusts which encapsulate the need to generate sustainable economic growth while ensuring equitable opportunities for all segments of society.

The six strategic thrusts involve enhancing inclusiveness towards an equitable society, improving wellbeing for all, accelerating human capital development for an advanced nation, pursuing green growth for sustainability and resilience, strengthening infrastructure to support economic expansion and re-engineering economic growth for greater prosperity.

To enhance inclusiveness towards an equitable society, the 11MP's focus include raising the income of low-income households, strengthening family institutions, and implementing youth leadership and entrepreneurship programmes.

"Inclusivity has always been a key principle in Malaysia’s national socioeconomic development agenda, and a fundamental goal of the New Economic Model," the report said.

Meanwhile, improving the population's well-being embodies the vision for a socially-advanced Malaysia.

Under the 11MP, the government will strive to ensure every Malaysian will have equal access to quality healthcare and affordable housing.

To accelerate human capital development, the government aims to improve labour productivity and create more job opportunities that require highly-skilled workers.

"Above all, the quality of education will be raised to develop talent with both the knowledge and skills, and ethics and morality, to thrive in a globally competitive and dynamic environment," the report said.

Under Malaysia’s green growth strategy, the government aims to strengthen food, water and energy security and lower environmental risks while pursuing economic growth.

The green growth strategy involves a commitment to pursue development in a more sustainable manner from the start, instead of a more conventional and costly "grow first, clean up later" model.

To re-engineering economic growth, the government will ensure economic sectors migrate towards knowledge-intensive and high value-added activities with greater productivity.

Initiatives to re-engineer growth include services-sector transformation. This involves accelerating growth of the services sector to focus on modern services such as Islamic finance, oil and gas, and ICT.