Revisions To The Vision
In view of changing global conditions amid the Financial crisis of 2007–2010, Prime Minister Najib Tun Razak had in August 2009, said that there was now a need to redefine and recalibrate the vision in terms of how to achieve it, as well as its timeline. Najib, who said that it was necessary for Malaysia to undertake bold economic reforms, had tasked the National Economic Advisory Council (NEAC) to carry out a review of the vision. The NEAC is expected to publish its report by end 2009, with a second report on implementation 6 months after that. Najib also said that in order for Malaysia to achieve a developed nation status by 2020, the country has to grow at an annual rate of 8% over the next 10 years. He cited that a lower hypothetical growth of 6% per annum would delay Malaysia's vision to become a developed country by 10 years to 2030. Malaysia’s GDP growth rate averaged 7.2% per annum in the 1990s, and slowed to 5.4% per annum in the following decade.
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