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Malaysia aims for economic restructuring amidst growth momentum


Malaysia's Economy Minister Rafizi Ramli urges the country to capitalize on its current economic growth momentum by expediting economic restructuring measures. Key areas of focus include transitioning the energy sector towards renewable energy and reorienting the government's socioeconomic policy from an income-based approach to one focusing on household net disposable income. The government also intends to announce measures to increase domestic solar usage. Ramli notes that Malaysia's Gross Domestic Product growth of 5.6% in Q1 2023 surpassed economists' prediction of 4.9% growth. These initiatives, including people-friendly projects nationwide and policies from the 2023 budget, are designed to bolster national economic growth and reduce vulnerability to future global economic challenges.

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