The Ministry of Economy plays a crucial role in planning socioeconomic development, allocating development funds and facilities, as well as coordinating and overseeing national development projects. Its establishment dates back to April 24, 1956, originating as the Economic Secretariat to the Economic Committee of the Federal Government Council. Over time, it evolved into the Economic Planning Unit (EPU) under the Prime Minister's Department (PMD) and operated as a Ministry between 2018 and 2022.

The transition to becoming the Ministry of Economy reflects the government's commitment to ensuring inclusive national development equity through transformation. Its primary role as the national socioeconomic development planner is complemented by a new value proposition encompassing strategic national planning (a combination of long-term and medium-term planning), economic analytics and data intelligence, a highly digitalized organization, expertise management in socioeconomic affairs, research and innovation, national agendas, and becoming a high-performance organization with a conducive work-life balance environment.

This aligns with the core functions of the Ministry of Economy as the socioeconomic development planner with a critical value proposition focusing on medium- and long-term planning. This includes crafting the nation's strategic vision, setting economic policies, regulating the economy, and fostering innovation for inclusive, sustainable growth and public well-being.

The Ministry of Economy faces three key challenges within the national socioeconomic context: strengthening the country's fiscal capacity, increasing national revenue, and restructuring the economy. These involve optimizing government revenue, influencing national development expenditures, and ensuring national financial resources are invested in high-potential sectors for long-term multiplier effects.

An integrated strategy is needed to ensure sustainable and inclusive economic growth for Malaysia. Hence, the Ministry of Economy must strengthen its role as a Central Agency and a Ministry more effectively through service delivery transformation. This is in line with the Twelfth Malaysia Plan (RMKe-12) strategy to enhance public sector service delivery, emphasizing the importance of skilled, capable, and responsive public services to advance the nation's socioeconomic growth and ensure the people's well-being is safeguarded.