Population that is used to change, reform and transformation. Malaysia is no stranger to change and reform. Our people are very adaptable. We used to be a primary commodity producing economy in the 1960s and 1970s, before embarking on import substitution and then manufacturing. In merely two decades, we have transformed from an agricultural economy to a manufacturing powerhouse. Since the Asian Financial Crisis, we have metamorphosed the economy from an export dependent to a domestic driven economy. And now, Malaysia embarks on a journey into high-value growth activities. We are confident in achieving our quest to be a high income nation with equity. Today, Amazon has steadily nudged out physical retailers, rendering them almost-obsolete at retail outlets. Soon, checkout counters would seem as foreign as cassette tapes to our millennials. While driverless cars seems to be the “in” thing now, it is quite possibly, just the start to many more changes that we cannot even fathom now. Against these changes, the ability to learn, unlearn and re-learn would be an indispensable requirement. There are many lessons to be learnt. One of these lessons is that we need to prepare society for jobs that do not yet exist. Students of today can expect to hold more than 11 jobs between the ages of 18 and 42. That is more jobs than most of us have ever. With automation and artificial intelligence on the verge unleashing many possibilities, our value proposition is not knowledge, but cognitive skills.

In contrast, during periods of capital inflows, it is natural for reserves to be accumulated. Reserves play a role in both circumstances to manage adjustments in the financial markets. This includes ensuring the stability of the exchange rate is preserved. This is how we maintain orderly market conditions. Malaysia’s level of foreign exchange reserves is adequate for our stage of economic development, domestic market structure and external position. Malaysia’s reserves is well-within the adequacy range, placing us in a comfortable position relative to regional peers and fulfilling recognised global standards. Malaysia’s long-term growth prospects also remain favourable. These are reinforced by both naturally occurring domestic economic trends and policy consideration, deliberation and action. Malaysia will also continue to reap its demographic dividends and benefit from a young and productive population for the foreseeable future. As education and income levels continue to rise, an increasingly affluent and informed consumer group would emerge – providing additional impetus for economic growth. Time and again, Malaysian policymakers have continuously supported growth by removing structural impediments and promoting an enabling environment for new growth areas to flourish. Strong banking sector and financial market that intermediate business needs. Malaysia’s diversified and well-developed financial sector can intermediate the business and economic needs of the country, enabling businesses to flourish. Malaysia’s banking sector is one of the strongest and most developed in Asia. Banks are wellcapitalised, with capital in excess of the minimum regulatory requirement of Basel III.