Publication:
Farming the Future: Harvesting Malaysia’s Agricultural Resilience through Digital Technologies

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dc.contributor.authorWorld Bank
dc.date.accessioned2024-10-15T16:46:23Z
dc.date.available2024-10-15T16:46:23Z
dc.date.issued2024-10-15
dc.description.abstractMalaysia’s economy is expected to expand at a faster pace in 2024. After experiencing weaker-than expected growth last year, Malaysia’s economy grew strongly in the first half of 2024, driven by robust private consumption, increased investment amid higher FDI inflows, and improved export performance. In 2024, the economy is forecast to expand by 4.9 percent, an increase of 0.6 percentage points from the previous forecast in April 2024. Inflation is projected to moderate due to softer global commodity prices and weaker than-anticipated passthrough effects of recent policy changes. Meanwhile, fiscal space is narrowing, and rigid spending is expected to rise due to the recently announced salary adjustments. While optimizing public spending amid ongoing subsidy rationalization efforts can free up budgetary resources, enhancing revenue mobilization is vital to restore fiscal space and sustainably finance Malaysia’s growing spending needs. To maintain its economic momentum and achieve high-income status, Malaysia must transform key sectors, including agriculture, into sustainable engines of growth. The agrofood sector plays a significant role in supporting Malaysia’s economy, contributing 11.6 percent to the national GDP and employing 1.87 million people in 2023 (approximately 10 percent of the total Malaysian workforce). The Government’s vision strategy outlines three key objectives for the agrofood system: (i) become globally competitive and innovative; (ii) enhance the wellbeing of food producers while providing affordable, nutritious food; and (iii) reduce the sector’s environmental footprint. Addressing the imbalance between food demand and supply, exacerbated by urbanization, is crucial. This requires reducing transaction costs and information asymmetries that affect both farmers’ and consumers’ decisions. High transaction costs hinder farmers’ market access and contribute to information gaps. Digital Agricultural Technologies (DATs) offer transformative solutions to these challenges by boosting productivity, creating better jobs (especially for youth), and improving access to finance. Effective DAT implementation requires a focus on three strategic pillars: investing in public goods (e.g., digital literacy and rural connectivity), fostering innovative ecosystems (e.g., data platforms and startup incubators), and cultivating an enabling environment to incentivize private sector development in digital agriculture.en
dc.identifierhttp://documents.worldbank.org/curated/en/099100924041013169/P506961179149705518d2e155d032837a3f
dc.identifier.doi10.1596/42245
dc.identifier.urihttps://hdl.handle.net/10986/42245
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.relation.ispartofseriesMalaysia Economic Monitor ; October 2024
dc.rightsCC BY-NC 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by-nc/3.0/igo
dc.subjectAGRICULTURAL RESILIENCE
dc.subjectDIGITAL TECHNOLOGIES
dc.subjectDIGITAL AGRICULTURE TECHNOLOGY (DAT)
dc.subjectPRIVATE SEVTOR INVESTMENT
dc.titleFarming the Futureen
dc.title.subtitleHarvesting Malaysia’s Agricultural Resilience through Digital Technologiesen
dc.typeReport
dspace.entity.typePublication
okr.crossref.titleFarming the Future: Harvesting Malaysia’s Agricultural Resilience through Digital Technologies
okr.date.disclosure2024-10-15
okr.date.lastmodified2024-10-10T00:00:00Zen
okr.doctypeEconomic Updates and Modeling
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/099100924041013169/P506961179149705518d2e155d032837a3f
okr.guid099100924041013169
okr.identifier.docmidP506961-791497d1-5a2e-4455-8d2e-55d032837a3f
okr.identifier.doihttps://doi.org/10.1596/42245
okr.identifier.externaldocumentum34404093
okr.identifier.internaldocumentum34404093
okr.identifier.report193954
okr.import.id5461
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099100924041013169/pdf/P506961179149705518d2e155d032837a3f.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryMalaysia
okr.topicAgriculture::Agribusiness
okr.topicInformation and Communication Technologies::ICT Applications
okr.unitEFI-EAP-MTI-MacroFiscal-2 (EEAM2)
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