Background
Since the establishment of the Economic Planning Unit, Prime Minister's Department (EPU, JPM) in 1961, the Macroeconomic Division (BEM) has been responsible for formulating macroeconomic policies and strategies, as well as medium and long-term projections. This includes the nation's Five-Year Development Plan, with the latest being the Eleventh Malaysia Plan (2016-2020) and the Mid-Term Review of the Eleventh Malaysia Plan (2016-2020). The main focus is to determine the direction of the country's economic growth, the sources of economic growth, and the allocation ceilings for development. BEM also provides advice to stakeholders and other Government agencies on current issues and the country's economic prospects, including the preparation of Government documents such as the Malaysian Productivity Blueprint and the Services Sector Blueprint, in addition to actively participating in technical assistance programs for other developing countries.
In addition, BEM plays an active role in organizing and delivering briefings on the national economic planning and development, the current state of the country's economy, and preparing papers on specific issues. BEM is also tasked with managing the national economic database for internal use and for the Ministry of Economy's portal.
Objectives
- Formulate macroeconomic policies and strategies towards achieving the goals of Vision 2020.
- Prepare the macroeconomic framework to determine the direction for strengthening the country's economic growth at an optimal level, using both domestic and foreign resources effectively.
- Approve the size of public sector expenditure considering the resource capacity to implement prudent fiscal policies.
- Monitor the effectiveness of policy implementation and national development strategies in line with long-term development goals.
Main Functions
- Formulate policies and strategies related to national income, gross domestic product, balance of payments, and the public sector account;
- Make projections for key macroeconomic variables in the short-term, medium-term, and long-term for the Five-Year Development Plan, Mid-Term Review, and Long-Term Framework;
- Analyze the performance and prospects of the economy according to production sectors;
- Study the components of total domestic demand, particularly in terms of consumption and investment;
- Identify potential and new sources of economic growth;
- Examine and review changes in the country's economic structure;
- Monitor the effectiveness of fiscal policies, especially the consolidated public sector budget, financing, and examine trends in the financial system;
- Monitor and follow developments in foreign trade, balance of payments, and foreign exchange;
- Make analyses and projections for state-level GDP by sector;
- Monitor and ensure the stability and moderation of domestic prices as reflected by the Consumer Price Index and Producer Price Index;
- Coordinate the national Competitiveness Monitoring System and related matters;
- Update the Ministry of Economy's portal with the latest key economic indicators;
- Prepare the annual booklet "Malaysian Economy in Figures";
- Monitor the economic position and current economic indicators, and prepare the Economic Position Report for meetings of:
- The Council of Rulers;
- The Chief Secretary of Ministries and Heads of Services;
- The Committee on Federal-State Government Relations;
- Heads of Federal Departments;
- Chief Executives of Federal Statutory Bodies
- Prepare drafts for Royal Addresses for the Opening of the Parliamentary Session, draft responses to Parliamentary questions, comments on Cabinet papers, and feedback on Cabinet decisions;
- Prepare and deliver briefings on Malaysia's economic development and related matters to heads of state/senior officials/foreign/local visitors as needed;
- Serve as co-secretariat for the Malaysian Productivity Corporation for the National Productivity Council; and
- Other tasks as directed by the Secretary General of the Ministry of Economy from time to time.
The Macroeconomic Division (BEM) is determined to formulate macroeconomic policies and strategies for high and sustainable economic growth to achieve the goals of Vision 2020. Therefore, BEM is committed to carrying out tasks objectively and professionally within the specified timeframe in line with the division's main functions, which are:
- Formulating policies and strategies for development, and making projections for key macroeconomic variables in the short-term, medium-term, and long-term for the Five-Year Development Plan, Mid-Term Review of the Five-Year Development Plan, and the Long-Term Framework;
- Updating key economic data and analyzing economic performance and prospects from the demand and supply sides while examining changes in the country's economic structure;
- Monitoring the effectiveness of fiscal policies, foreign trade, balance of payments, foreign exchange, and domestic price developments;
- Identifying potential and new sources of economic growth;
- Other tasks including preparing:
- The annual booklet "Malaysian Economy in Figures";
- The Economic Position Report for the Council of Rulers, Chief Secretaries of Ministries and Heads of Services, the Committee on Federal-State Government Relations, Heads of Federal Departments, and Chief Executives of Federal Statutory Bodies;
- Drafting Royal Addresses for the Opening of the Parliamentary Session, drafting responses to Parliamentary questions, reviewing Cabinet papers, and providing feedback on Cabinet decisions;
- Preparing and delivering briefings on Malaysia's economic development and related matters to heads of state/senior officials/foreign/local visitors as needed.
Contact Us
Director
Macro Economics Division
Kementerian Ekonomi
Aras 5, Menara Prisma, Presint 3
Pusat Pentadbiran Kerajaan Persekutuan
62675 W.P Putrajaya
No. Tel. : 03-8090 2280
Faks : 03-8090 2500