Kuala Lumpur: Prime Minister Najeeb Razzaq said Malaysia’s real GDP will grow at a steady 5 and 6 percent annually until 2020, and promised more jobs and affordable housing as he looked to shore up support amid growing political pressure.

Najeeb, who tabled the 11th Malaysian Economic Plan in parliament, also said the country’s growth would result in a 7.9 percent per annum rise in gross national income (GNI) per capita. It would cut dependence on oil-related revenue by nearly half.

“We foresee greater volatility and uncertainty in the global economy as a result of the decline in oil prices, realignment of exchange rates, as well as geopolitical risks,” Najeeb said in a foreword to the five-year blueprint.

“In order to sustain our growth momentum and ensure that the rakyat [people] continue to prosper, we need to forge ahead with greater resolve and introduce bold measures for the long-term benefit of all Malaysians.” The five-year plan is aimed at leading the Southeast Asian nation to its goal of becoming a fully developed economy by 2020.

The plan comes at a time when Malaysia is navigating through a tricky economic environment of slumping energy prices that are threatening to cut the nation’s oil and gas revenues. The country’s currency, the ringgit, has dropped to six-year lows against the dollar.

Allegations of corruption and mismanagement by Najeeb’s government also threaten to destabilise Malaysia’s political climate.

In the blueprint, Najeeb said the government the GNI per capita will reach 54,100 ringgit ($15,690) in 2020, with the average monthly household income increasing to 10,540 ringgit from 6,141 ringgit in 2014.

Electorate seats

Najeeb’s “people-anchored growth” plan included a slew of feel good measures aimed to ease the burden of rising costs of living and poor infrastructure in rural parts of the Borneo region - where most of the electorate seats in his government are located.

Besides promising resources to build more than 600,000 new affordable homes, the 5-year plan also makes room for more opportunities for the ethnic Malay community and other so-called Bumiputeras, or “sons of the soil”, who together make up about 68 percent of the population.

There were also promises of more schools and hospitals.

A new goods and services tax (GST) would bring in about 31.4 billion ringgit in revenue per year over the next five years versus 15.5 billion ringgit through the previous sales tax and services tax, he added.

Malaysia’s dependence on oil-related revenue will decline to 15.5 percent by 2020, from just under 30 percent of revenue currently, the report added.

The federal government’s total debt is projected to drop to 45 percent of gross domestic product by 2020, from 54.5 percent as of December 2014.

Private investment in Malaysia is expected to grow at an annual 9.4 percent between 2016-2020 with an estimated annual investment of 291 billion ringgit.

Public investment will grow at 2.7 percent per annum at an annual average of 131 billion ringgit, the plan stated.

Financial markets remained relatively subdued after details on the 5-year plan. The benchmark index was almost flat, down 0.16 percent at midday break.