It was recently expressed by Prime Minister of Malaysia, Datuk Seri Najib Tun Razak, that there is a need for the country to grow at an annual rate of eight per cent, over the next 10 years, if in case it wants to acquire the developed nation status by 2020.

In a keynote address presented at the National Economic Advisory Council (NEAC) inaugural meeting today, he said that the country, if it achieves anything less than this, will have its goals delayed.

Najib expressed that if Malaysia wants to achieve a developed nation status, then it must not only be well-off, but also act and live in a manner that displayed that status.

The Prime Minister specified that while considering the country's objectives and success, there were important social and 'quality of life' measurements to be factored. He outlined two criteria, which if fulfilled, will get Malaysia the status of a developed nation.

He said, "The first requires surpassing the threshold to become a higher income economy and secondly, as an advanced economy, we must attain the International Monetary Fund (IMF) ranking of a higher human development index score."