KUALA LUMPUR, Sept 5 — Economy Minister Rafizi Ramli has unveiled a bold vision for Malaysia's economic future, centred around the upcoming 13th Malaysia Plan (RMK-13).

In a significant shift from previous plans Rafizi is calling for a fresh start with RMK-13, which he envisions as a "blank canvas" for shaping Malaysia’s future.

The new approach aims to transcend the conventional five-year plans and consider what Malaysia will look like in 2040.

He said that Malaysia’s economic strategy must evolve beyond short-term policies to address long-term growth.

"Economic prospects are intrinsically defined by demographics and geography. Southeast Asia is projected to grow at a compound annual growth rate (CAGR) of 4 per cent until 2040, becoming the 4th largest economy in the world. Malaysia is sitting at the centre of global growth. It falls on us, a country of 40 million people, to contend with the giant markets of India and China.

"This is why the third pivot of diversification is critical. I argue that Malaysia must become a consumption powerhouse. An economy that is primarily driven by our people will be the most important determinant of our long-term trajectory and growth rate,” he said during the kick-off conference for RMK-13 at Movenpick Hotel and Convention Centre KLIA.

Rafizi said this vision hinges on public engagement, and RMK-13 will be a departure from the lengthy and complex policy documents of the past. Instead, it will adopt a more concise and strategic format, reminiscent of RMK-1.

To gather this feedback from the public Rafizi introduced "Madani Mendengar”, a series of public consultations designed to gather input from across the country. This initiative will involve engagement sessions and focus groups in all 13 states, bringing together public thinkers, private sector representatives, and everyday people.

Rafizi insisted on the need for a collaborative approach, inviting Malaysians from all walks of life to contribute ideas and feedback.

"I only ask for one understanding: each stakeholder has competing priorities, and for every vision we conjure for our sector, it will require some trade-offs. I know there is a risk that, after the whole process is completed, some may say it’s a waste of time if the final product is not what they initially wanted.

"I assure you that eventually we need to harmonise and sequence everything. I hope our commitment to RMK-13 will allow for the sequencing of all priorities. It may not be rolled out immediately, but with the right sequence, we will be able to balance the needs and requirements of every stakeholder,” he added.

Rafizi alse said that boosting domestic demand will create a virtuous economic cycle while increased private consumption is expected to generate jobs, reduce unemployment, and improve living standards.