Towards the sustainable development by 2020: Malaysia perspective on economic growth and wellbeing

Abstract

This paper has prioritizes on the impact of national growth on wellbeing. This is a review paper that contributes to define the 14 components of Malaysia Wellbeing Index (MWI, 2012) and its relation to country’s economic growth (the Gross Domestic Products (GSP)). The aim is to introduce and analyse the 10th Malaysia Plan (10MP), the 11th Malaysia plan Strategic Thrusts, achievement from macroeconomic indicators, average monthly incomes, Malaysia Wellbeing Index, and the sustainability by 2020. The findings are of a great value to both theory and practice and have important implications for the country growth. Furthermore, the paper argues that although MWI projected to increase about 1.7% per year with estimated growth of 5-6% every year from 2016-2020, some challenges are expected to undermine the target set by Economic Planning Unit (EPU) if not given a proper attention. Furthermore, the study shared few wellbeing indicators that used internationally, which only concerned about material aspects and outcomes without looking into the spiritual part of wellbeing. This paper concludes with possibilities for future study to consider the importance of spiritual aspect in the wellbeing index.