Malaysia productivity grew by 3.5% in 2014
4 June 2015, Kuala Lumpur – Malaysia registered a productivity growth of 3.5% in 2014, raising worker contributions to RM61, 708 from RM60, 437 in 2013. This puts the country on track to achieving its goal of having an annual productivity growth rate of 3.7% by 2020.
According to the latest Productivity Report released today, the construction sector recorded the strongest performance with growth in productivity at 13.2%, followed by mining at 6.5%, agriculture at 3.9%, manufacturing at 3.8% and services at 2.2%.
Minister of International Trade and Industry Dato` Sri Mustapa Mohamed, in launching the report, welcomed the growth in productivity. “In today`s competitive global environment, productivity and innovation are the major drivers of growth. Underpinning them are factors such as competitive human capital and education, the right government regulations, fiscal and tax policies, infrastructure and access to the capital market. Together, all these practices strengthen the foundations for Malaysia`s future prosperity,” he said.
The annual report, compiled by the Malaysia Productivity Corporation, included several recommendations to address the hurdles facing Malaysia’s productivity goals, such as enhancing good regulatory practices, strengthening the role of industry associations and unions, establishing productivity centres, developing productivity champions and encouraging the pursuit of excellence by adopting the Business Excellence Framework.
“The implementation of the National Policy on the Development and Implementation of Regulations (NPDIR) will provide the foundation for advancing regulatory policy and governance. MPC is the key co-ordinating agency for the NPDIR and has developed a network of regulatory co-ordinators across government agencies to implement the Policy,” Dato` Sri Mustapa said.
He added that, however, that the efforts by the Government — working in concert with industry — would only succeed if they are supported by the country`s workforce. “We are determined to bring about a major change in mind set. The results so far indicate we are on the right track. More and more members of our workforce have come to accept that raising productivity is the path towards prosperity for all,” Dato` Sri Mustapa said.
Also present at the event were the Chairman of MPC, Tan Sri Azman Hashim, and the Director-General of MPC, Dato’ Razali Hussain.
Last updated on : 2015-06-04 17:05:31