KUALA LUMPUR: Malaysia must prioritise structural reforms, with emphasis on aspects of sustainability, digitalisation and inclusivity to enhance the economy and resilience for future jobs, while raising capabilities for future competitiveness, said Bank Negara Malaysia (BNM) today.

       Governor Tan Sri Nor Shamsiah Mohd Yunus said these aspects should be embedded in key reform areas, which include strengthening innovation capacity, improving active labour market policy and social protection system as well as enhancing economic complexity.

       "These are priorities that we need to seriously look at in terms of how we should be moving on these fronts.

       "The 12th Malaysia Plan and even Budget 2022 have highlighted initiatives to accelerate an innovation-driven, green-led growth and to also catalyse high-impact industries as well as strengthen digital capabilities.

       "We have seen progress in these, but we need to apply greater emphasis on accelerating the implementation of these plans,” she said during a virtual media briefing, held in conjunction with the publication of BNM’s Annual Report 2021, Economic and Monetary Review 2021 and Financial Stability Review for the second half of 2021.

       Nor Shamsiah said that there are opportunities present in every crisis, and the country must maintain its focus on the timely execution of structural reforms to secure durable growth and ensure future economic resiliency.

       She pointed out that the COVID-19 pandemic highlighted the urgent need to reform the social protection system.

       "It needs to start now," she added. - Bernama