Government to Restructure 12th Malaysia Plan to Account for COVID-19 Impact

The Government of Malaysia plans to restructure the 12th Malaysia Plan after taking into consideration the economic impacts of COVID-19 on a local and global scale. 

According to Arthur Joseph Kurup, Deputy Minister in the Prime Minister’s Department (Economy), several economic targets of the nearly complete plan will now need to be relooked in order to ensure that Malaysia’s economic growth remains sustainable. In particular, Malaysia’s dependence on the oil and gas sectors, which account for approximately 20 per cent of Government revenue, needs to be reviewed following the sharp fall in oil prices.

Furthermore, he stated that the country’s earnings from the...