The country is on course to reach this goal after the World Bank increased its 2024 growth projection for Malaysia from 4.3 percent to 4.9 percent last week.

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Apurva Sanghi, a lead economist for Malaysia, noted that stronger economic growth and a more robust ringgit are improving living standards, making higher-income status attainable for Malaysia. The country's economy has grown by 12 percent since the COVID-19 pandemic, positioning it ahead of all Southeast Asian nations except Singapore.