Labour market reform to be among the three pillars of new MADANI economic narrative

To be launched in August, the other two areas of focus for this narrative are to elevate the economy to a regional level, and improve social security coverage.

Malaysia will be launching a MADANI economic narrative in August as a guide for a clearer direction of the country’s economy, as announced by Prime Minister Datuk Seri Anwar Ibrahim.

Speaking at a press conference after chairing the National Economic Action Council (MTEN), PM Anwar affirmed the importance of the narrative to facilitate policy implementation plans at the ministerial and related department levels.

The MADANI Economic Narrative will outline the main policies and programme of the country's economy that will focus on three cores, namely:

1. Building Malaysia's economy as a regional economic leader by creating a sustainable high-value economy;
2. Improving social security coverage through the people empowerment approach so that more people have guaranteed income and financial access in difficult times; and
3. Labour market reform to increase workers' wages periodically towards progressive wages and build a workforce capable of continuously improving skills.

The narrative is expected to launch by August 2023. In the meantime, several urgent policies that have to be implemented will continue.

PM Anwar explained that the narrative will become a large and general framework for the country’s economic pulse, and it will be explained to the people in stages.

He said, at present, the government is giving priority to the economic areas that need public understanding.

“Our principles of the economy will be summarised in the MADANI book, but the Ministry of Economy and relevant ministries, as well as the private sector, through their engagement sessions, will decide on several policies, such as in terms of manpower, investment priorities, green economy and others,” he said.

Attended by PM Anwar, the meeting discussed the economic reforms that will be decided in the next meeting to ensure the existence of a high-value and sustainable national economy and improve social security coverage through the approach of empowering the people and reforming the labour market.

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Lead image / PM Datuk Seri Anwar Ibrahim Facebook