The Malayan Government launched the first five year plan in 1956, called the first Malaya plan, which was to increase economic development to expand per capita income and living standards. This plan focused more on the low-income earners that lived in rural areas and needed help in projects such as building and improving basic facilities. Then, the government launched an official first Malaysian plan when the formation of Malaysia took place. This plan aimed to encompass Malaysia, Sabah, and Sarawak, working towards cultivating social integration amongst the people of various states in Malaysia, thus improving economic growth and the welfare of the people.
Najib Abdul Razak unveiling a new economic plan in 2010
The New Economic Plan was created to create national unity through the elimination of poverty regardless of race. Following this five year plan were eight more plans, including goals such as new economic policies, inflation, development, strengthening production capacity, transforming the nations growth strategy, accelerate changes in the structure of agriculture and manufacturing, as well as strengthening socio-economic stability through equitable distribution of income and the countries wealth. The ninth five year plan is set from 2006-2010, aiming to create wealth and opulence. It is said to be the most important plan in the country’s history, as the country is at its half way point towards the year 2020. This plan brings together a mixture of government initiatives, trying to create a nation with a developed economy, a balanced social development, a united citizenry.
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