PUTRAJAYA, Sept 30 (Bernama) -- The 2024 National Symposium: ‘Eradicating Poverty’ is set to chart a new direction for Malaysia, one that not only focuses on eliminating poverty but also promotes inclusive growth under the MADANI Economy, Sunway University economics professor Dr Yeah Kim Leng said.
He said Malaysia's journey in combating poverty also offers valuable lessons for other countries.
“The symposium marks an important step forward, highlighting a fresh strategy not just to eradicate poverty but also to ensure shared prosperity for all segments of society.
“Malaysia has made impressive progress, having effectively eradicated hardcore poverty, as shown by international benchmarks from organisations like the World Bank and the International Labour Organisation (ILO),” he told Bernama on the sidelines of the one-day symposium held today.
Yeah emphasised that while Malaysia is poised to achieve high-income nation status in the coming years, the government must focus on ensuring that economic prosperity trickles down to the lower-income groups, particularly the B40 and the lower half of the M40, collectively known as the B60.
Recap, the MADANI Economy was developed to replace the Shared Prosperity Vision 2030, which has a comprehensive implementation framework and is suitable for the current economic environment.
Yeah said currently, the country is experiencing a period of ‘economic boom’ and if this is sustained, the focus should be on elevating the B60 up the income ladder, giving them access to a middle-class lifestyle.
The professor added that social well-being encompasses more than just income, extending to access essential services such as healthcare, education, and opportunities for income growth.
"The goal is for every Malaysian to lead a prosperous life, with the resources to enjoy a high quality of life. A central theme of the symposium will be exploring how to drive faster income growth for the lower-income groups, narrowing the gap between the rich and poor,” he shared.
Yeah highlighted that while the country is making progress, the lower half of the M40 remains financially stressed and requires further support.
To address these challenges, he proposed institutionalising a basic income floor through a refined cash transfer system.
“It’s crucial to establish an income floor to ensure no one falls below the poverty line. This system would provide a minimum basic income for all citizens, effectively eradicating hardcore poverty,” he explained.
In addition to income support, Yeah underscored the importance of reskilling, access to employment, and entrepreneurial opportunities to boost income growth and improve the livelihoods of vulnerable groups.
“This symposium will play a key role in shaping policies that ensure prosperity is shared, with a focus on the bottom 60 percent of the population,” he concluded.
Themed ‘Bersama, Berdaya dan Mampan’, the symposium emphasised the six MADANI core values in ending poverty: Together, which refers to the nation’s comprehensive approach to advancing various aspects; Empowered, which highlights individuals' ability to achieve their goals; and Sustainable, which pertains to the implementation of continuous efforts and achievements.
-- BERNAMA
