Malaysia yesterday launched its new economic development blueprint, which will focus on tackling wealth disparity and improving living standards for all its citizens.

The Shared Prosperity Vision 2030 was unveiled by Prime Minister Mahathir Mohamad, who admitted that an earlier target set in 1991, during his first stint as premier, for the country to transform into a developed nation by next year was now unachievable.

The new 10-year plan acknowledges that the majority bumiputera community is still lagging behind economically and outlines strategies to move them up the value chain by utilising technology and improving productivity.

It also notes that flaws in implementing the country's affirmative action policies, as well as corruption and abuse of power, had stifled economic growth and income distribution.