Malaysia’s economic woes unresolved amid Dr Mahathir-Najib row, says columnist

Updated 6 years ago · Published on 22 Jan 2018 10:39AM · 3 Comments

Because Malaysia has been ruled by Barisan Nasional for decades, the battle between the two over who is less corrupt has drawn the attention of Malaysians, rather than focusing on the economy. – The Malaysian Insight file pic, January 22, 2018.

ECONOMIC woes in Malaysia lie unresolved because of the ongoing feud between Prime Minister Najib Razak and his former mentor Dr Mahathir Mohamad, says an opinion piece published in the Asian Nikkei Review.

The article, written by Asia observer William Pesek, said the election discourse had not brought forward a solution to the growing problems of an ageing population and poor job conditions.

“It is worrisome, too that the election discourse is generating no concrete ideas to tame inflation, boost wages, increase opportunities for Chinese and Indian minorities or address the problems of an ageing population.”

The article said because Malaysia had been ruled by Barisan Nasional for decades, the battle between the two over who is less corrupt had drawn the attention of Malaysians, rather than focusing on the economy.

Another problem, it said, comes from Malaysians being “awash in clannish loyalties among regions and creeds”.

It said Malaysia must reduce the government’s stifling role in the economy, shift towards a high-value-added production industry, increase innovation and half the brain drain by the Chinese and Indian talent to foreign countries.

“And yet this election is more about two political titans brawling over who is less shady than finding a new way forward,” it said.

An economist recently pointed out that the strengthening ringgit and higher share market indexes did not mean oridinary Malaysians feel the benefits of the country’s prosperity.

However, the article said even though former prime minister Dr Mahathir would fail to topple Najib’s administration, the key takeaway is his attacks would shine a spotlight on “Umno’s complacency and dysfunction”.

“A reversing course requires fresh thinking and an abrupt change in policy priorities – both in short supply this election season.” – January 22, 2018.

Sign up or sign in here to comment.

Comments

  • Malaysia will hit middle-income country (its NOT high income) at USD15,000. High Income today is USD60K per capita. BUT it will then reverse back. as the population ages.if UMNO/BN gets another term, growth will continue to slow, within 10 years, it will stagnate like Japan - which may be too late as all the bullets get used up by Najib and co-horts - worst, together with PAS in power, it may never change.

    Posted 6 years ago by Bigjoe Lam · Reply

    • Where do you get the info that high income is USD60K per capita? It's around USD12k,even countries like Japan and South Korea don't meet that standard,both of them are below USD50K per capita.

      Posted 6 years ago by Easy dj · Reply

  • ///The bad news: Mahathir is hardly an ideal change agent to drag closed, risk-averse Malaysia Inc. into an increasingly dynamic global economy. Malaysia must reduce the stifling role of government, shift toward high-value-added production, increase innovation and halt a brain drain caused by Chinese and Indian talent fleeing to Singapore and Hong Kong. And yet this election is more about two political titans brawling over who is less shady than finding a new way forward.///--- the author

    That problems were well known since 1970s. Some two million Malaysians who had the foresight since NEP have left. If six decades are not enough time to solve the problems as envisaged under article 153 of the constitution meant to be in force for 15 years and subject to review, the constitution has obviously been taken advantage of at the expense of the nation. NEP is hundred times worse compared to the original intent of Article 153, and Razak wanted it for 20 years. Mahathir claims that NEP is still needed, 28 years after it should have been ended. It is clear therefore that Malaysia strictly has no future because Mahathir has turned out to be the lesser of two evils. As Malays' population has increased from 50 plus percent in 1963 to 66 per cent now, they should have more share of the sufferings if the situation continues. Besides only they can allow changes to take place.

    Posted 6 years ago by Meng Kow Loh · Reply