HIGHER scores in the country’s economic freedom ratings by an American think-tank, the Heritage Foundation, reflect the status of Malaysia being more desirable and more conducive for economic growth.

In contrast, the lower the score, the greater the level of government interference in the economy and the less economic freedom a country enjoys. 

The Heritage Foundation has given Malaysia a score at 74.4, making our economy the 22nd freest in the 2021 index.

Since coming to power a year ago, Prime Minister Muhyiddin Yassin’s administration has pledged no interference in corruption cases and court trials, involving many politicians and lawmakers, including former prime minister Najib Razak and Umno president Ahmad Zahid Hamidi.

The prime minister has said it time and again that there would be no let-up in the Perikatan Nasional government’s effort to bring those involved in the 1MDB scandal to justice. 

The government, according to Muhyiddin, has never compromised with those who have committed corrupt practices and would always take firm action according to the rule of law.

Last July, Najib was found guilty related to some RM42 million misappropriated from SCR International. 

The government also has reached settlements totalling some RM19 billion with Goldman Sachs, AmBank and Deloitte, entities involved in the scandal. 

The corruption trials of both Najib and Zahid are still taking place.

Last year, also saw former Umno secretary-general Tengku Adnan Tengku Mansor found guilty of accepting RM2 million bribe from a businessman while Najib’s wife, Rosmah Mansor, was ordered to enter defence on three corruption charges involving a solar-hybrid project in Sarawak early last month.

Muhyiddin has made it very clear that the government would intensify efforts and uphold long-held principles to get rid of corruption by continuing the national anti-corruption plan devised by the previous administration.

The government is still fulfilling several initiatives under the NACP under the supervision of the National Centre for Governance, Integrity and Anti-Corruption.

PN’s policy and commitment in combating corruption and improving governance is transparent and consistent although the country’s score and ranking in the corruption perceptions index for last year, dropped slightly from 2019.

Its special cabinet committee on anti-corruption has been looking for ways to enhance governance and simplify bureaucracy to rid of corruption. 

It knows very well that entrenched corruption is economically pernicious which will only undermine the ability of this country to deliver inclusiveness and sustainable growth.

The Heritage Foundation also ranks Malaysia as No. 5 among 40 nations in the Asia-Pacific region while its overall score is above the regional and world averages. 

It also gives Malaysia a better score in terms of government integrity.

The index of economic freedom is based on 12 indicators under four categories – rule of law, government size, regulatory efficiency and open markets. 

The index which covers more than 180 nations, also placed Malaysia in the “mostly free” category alongside 23 others, including Britain, the US, Canada, Sweden, South Korea and Japan.

It stated that the enhancement of economic freedom requires a concentrated effort to end such practices, such as bribery, extortion, nepotism, cronyism, embezzlement and irregularities.

Corruption hurts the poor, hinders economic growth and social mobility while undermining trust in the government and causing social cohesion to unravel. – March 6, 2021.

* Mohd Faizal Majid reads The Malaysian Insight.

* This is the opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insight. Article may be edited for brevity and clarity.