Ministry of Economy
5th Floor, Menara Prisma, Precint 3
Federal Government Administrative Centre
Tel No : 03-8090 2280
Fax : 03-8090 2500
Since the formation of the Economic Planning Unit, in the Prime Minister's Department, in 1961, the Macroeconomics Division (MED) has been responsible for the preparation of the medium and long term macroeconomic framework forecast as well as the formulation of macroeconomic policies and strategies. This includes the five year development plans, such as the Eleventh Malaysia Plan, 2016-2020 and the Mid-Term Review of the Eleventh Malaysia Plan, 2016-2020. The main aim is to set the direction of economic growth, identify sources of growth, and the allocate resources, including recommendation on the development expenditure ceiling. MED also advises its main stakeholders including the Minister on current economic issues and prospects in the short, medium and long term. MED also provides input to other Government agencies on matters such as Malaysia Productivity Blueprint and Services Sector Blueprint. It also provides lectures, talk and technical assistance through the Malaysia Technical Corporation Programs (MTCP) to developing countries.
EPU is responsible for preparing and providing briefings on the planning and developing process, current economic issues and prepare relevant papers on specific issues to other Government agencies, private sector and foreign visitors. MED is also given the responsibility to manage the national economic database for internal use and for the Ministry of Economy portal.
- Formulate macroeconomic policies and strategies toward achieving Vision 2020.
- Prepare the macroeconomic framework to guide towards strengthening economic growth at an optimum level with effective utilisation of resources.
- Recommend the size of Federal Government and public sector expenditure by taking into consideration the need to implement prudent fiscal policies.
- Monitor the effectiveness of national development policies and strategies in relation to the long term goals.
- Formulate development policies and strategies on national income and expenditure, balance of payments, and the public sector account;
- Forecast on macroeconomic key variables in short, medium and long term for the five year development plans, mid-term review, and the outline perspective plans;
- Analyse economic performance and prospects by sectors;
- Study the components of domestic aggregate demand particularly from consumption and investment perspectives;
- Identify new and potential economic growth;
- Study and analyse the structural change in the economy;
- Monitor the effectiveness of fiscal policies, primarily consolidated public sector expenditure and financing;
- Monitor performance in external trade, balance of payments and foreign exchange;
- Analyse and forecast Gross Domestic Product (GDP) by sectors;
- Monitor and ensure stable and moderate increase in domestic price level as reflected by the CPI and PPI;
- Update the Ministry of Economy portal on key economic indicators;
- Publish the Malaysian Economy In Figures booklet annually;
- Monitor the current economic performance and indicators as well as prepare papers for meetings on Current Economic Performance for:
- Conference of Rulers;
- Secretaries General and Heads of Service;
- Federal Government and State Government Liaison Committee;
- Heads of Federal Department; and
- Chief Executives of Federal Statutory Bodies.
- Prepare draft for the Royal Address for the Opening Session of Parliament on the economy, replies for Parliamentary questions, comments on Cabinet Papers, and feedback on Cabinet Meeting's decisions;
- Prepare and conduct presentations to Heads of Foreign countries/senior officials/foreign and local visitors on Malaysia's economic development and matters related to the economy;
- Act as secretariat with the Malaysian Productivity Corporation for the National Productivity Council; and
- Other duties as directed by the Secretary General of Ministry of Economy, from time to time.
The Macroeconomics Division (MED) formulates and recommends macroeconomic policies and strategies towards achieving high and sustainable economic growth for Malaysia to achieve Vision 2020. In this connection, MED pledges to perform its duties objectively and professionally within the time frame in line with the Division’s key functions, by:
- Formulating development policies and strategies, and preparing projections on macroeconomic key variables in short-, medium- and long-term for the five-year development plans, and mid-term review;
- Updating key economic data and analysing the economic performance and prospects through demand and supply perspective while scrutinising changes in the economics structure;
- Monitoring the effectiveness of fiscal policies, external trade, balance of payments, foreign exchange and internal prices development;
- Identifying new potentials and sources of growth;
- Performing other functions which include the preparation of:
- The Malaysian Economy in Figures booklets annually;
- Preparing papers on the national current economic situation for important meetings which include the Council of Rulers and the Economic Council;
- Drafts for Royal Address of Parliamentary Opening Session, replies to Parliamentary questions, and comments on Cabinet Papers;
- Presentations to Heads of Foreign countries/senior officials/foreign and local visitors on Malaysia's economic development and matters related to the economy.