Productivity is the single most important factor in a country’s long-term growth. High-productivity nations are able to quickly adapt to changes in macroeconomic challenges, as well as fundamental shifts brought on by technological advancement. Realising the importance of productivity to the nation, the 11MP has specified unlocking the potential of productivity as one of the 6 game-changers for the country to achieve high-income status by 2020. Productivity has been identified as the most vital part in the 11MP’s implementation, which calls for renewed efforts to boost productivity in a focussed and targeted manner, with clear outcomes at the national, sectoral, and enterprise levels. The 11MP has introduced the Malaysia Productivity Blueprint (MPB) in May2017 as a strategy to realise this aspiration.
The blueprint has been designed and developed to accelerate productivity improvement strategies, initiatives and programmes at the national, sectoral and enterprise levels. It provides guided implementation to expedite productivity improvements as envisaged in the 11MP through five strategic thrusts. These thrusts are to ensure holistic and systematic change rather than fragmented efforts.
In striving for higher productivity growth, Malaysia must prepare for uncertain external factors as shifts in economic policies could affect a diverse range of outcomes for the Malaysian economy and local labour market conditions. Such externalities can be mitigated by stronger collaboration among the stakeholders through the establishment of various productivity nexus.