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The New Economic Model (NEM) 2011-2020 was an economic plan in Malaysia unveiled on 30 March 2010 by Malaysian Prime Minister Najib Razak which was intended to more than double the per capita income in Malaysia by 2020. The programme aimed to shift affirmative action from being ethnically based to being need-based hence becoming more ...
On 16 July 2010 subsidies for petrol, diesel and LPG were cut as part of Malaysia's general programme of reducing and rationalising subsidies per the 10th Malaysia Plan and the New Economic Model. The government believes it will save RM750 million by the end of 2010 through these measures with little negative impact on most citizens.
The economic development plan was unveiled at a time when Malaysia was starting to recover from the Asian financial crisis and challenging economic conditions as a result of high oil prices. The US-led Iraq invasion in 2003 resulted in a rise in oil prices to about US$60/barrel by August 2005, which was a few months before the plan was unveiled ...
Tenth Malaysian Plan (Malay: Rancangan Malaysia ke-10), abbreviated as "10MP", is a comprehensive blueprint prepared by the Economic Planning Unit (EPU) of the Prime Minister's Department and the Ministry of Finance of Malaysia with approval by the Cabinet of Malaysia to allocate the national budget from the year 2011 to 2015 to all economic sectors in Malaysia.
Launched on 21 September 2010, [1] it is a comprehensive economic transformation plan to propel Malaysia's economy into high income economy. The program will lift Malaysia's gross national income (GNI) to US$523 billion by 2020, and raise per capita income from US$6,700 to at least US$15,000, meeting the World Bank's threshold for high income nation. [2]
In Malaysia, federal budgets are presented annually by the Government of Malaysia to identify proposed government revenues and spending and forecast economic conditions for the upcoming year, and its fiscal policy for the forward years. The federal budget includes the government's estimates of revenue and spending and may outline new policy ...
Malaysia's benchmark crude oil, Tapis Blend, is a light and sweet crude oil, with an API gravity of 42.7° and a sulphur content of 0.04% by weight. Malaysia held 87.8 trillion cubic feet (Tcf) of proven natural gas reserves as of 2021, and was the third-largest natural gas reserve holder in the Asia-Pacific region after China and Indonesia ...