NEW ECONOMIC MODEL: WHAT LIES AHEAD FOR MALAYSIA

The road ahead for Malaysia to become a high-income nation is indeed challenging. Not only has Malaysia been affected by the global imbalance between West and East through trade and capital flows, but Malaysia's middle income trap issues are structurally complex and stem from deep-seated politi...

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Bibliographic Details
Published in:Regional outlook. Southeast Asia 2011-01, p.106
Main Author: Kwek, Kian-Teng
Format: Article
Language:English
Subjects:
Affirmative action
Economic models
Economic policy
GDP
Globalization
GNI
Gross Domestic Product
Gross National Income
Growth rate
High income
Performance management
Prime ministers
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Summary:The road ahead for Malaysia to become a high-income nation is indeed challenging. Not only has Malaysia been affected by the global imbalance between West and East through trade and capital flows, but Malaysia's middle income trap issues are structurally complex and stem from deep-seated political economy issues. As the world is increasingly globalized and connected, Malaysia has been slowing down in terms of real growth in income. Malaysia must accept this new reality, and to leapfrog to a developed nation status by 2020 it must leverage on measures to achieve greater openness to globalization. The Prime Minister articulated his aspirations in the National Transformation Programme which consists of tour pillars to be launched over two years. The pillars are: 1. the New Economic Model, 2. the 1 Malaysia, People First, Performance Now concept, 3. Government Transformation Programme, and 4. the 10th Malaysia Plan 2011-2015 and the 11th Malaysia Plan 2016-2020.
ISSN:0218-3056