MALAYSIA must restructure its economy now if it wants a stable future, said economist Zouhair Rosli.

He said the country risks plunging most of its population into hardship if such a restructuring is not immediately done.

This is especially dire due to the fast-ageing population and workforce, he said.

An economic restructuring means creating a high value-added economy that focuses on tech-intensive activities that will generate higher profits for businesses and higher wages for workers.

Zouhair said it can also focus on tech and innovation and move away from low-value and labour-dependent industries.

“In 2005, almost half of our investments were technology-related,” the DM Analytics senior team member told the Kemiskinan Rakyat Malaysia Pasca Pandemik Forum today.

“But now, more than 60% of our investments are infrastructures that contribute little benefit to our economy.”

Zouhair said as the government approved several Employees Provident Fund withdrawals, those who have reached retirement will have to work for another five years to be able to make up for what they withdrew. – June 19, 2022.