Malaysia has come from a long way back since
our independence in all aspects. We did survive the two major financial crises
that affect the world as wholly named during 1997 and 2008. This makes me
wonder that how did we survive through the time and what has made this storm
pass Malaysia. Malay Peninsula had being one of the centre for trade since
centuries ago starting from Straits of Malacca.
Malaysia Economy Policy was originated from
our first prime minister regime. Our main feature of the policy is the New
Economic Policy. British colonial system had divided the division of Malaysian
into three based on their ethnicity. Malays were thrown into the agriculture
and their traditional village life while Chinese dominated the commerce world
of Malaysia. Educated Indians took up professional line while the less better
off worked at the plantation.
May 13 incident had changed the Malaysian
fate wholly include from the economic perspective. This had resulted in the
formation of New Economic Policy which intended to eradicate the poverty
regardless of race and to eliminate the identification of ethnicity with
Malaysia economic function.
Even a lot controversies and criticism
revolve around this policy, this policy had successfully reduces the percentage
of poverty in Malaysia. This policy was followed by the National Development
Policy after the previous officially retired in 1990. These policies have
become the benchmark for the all other policies and plans in the making. The
goal of these policies is about national unity and not on maximum economy
growth.
Vision 2020 was introduced by Tun Dr. Mahatir
based on the equitable distribution. The policy saw the national unity as the
main feature that bind us together and two strategies that will make it happen
eradication of poverty and restructuring of the society. So the main features
of our economic policy are all about these two ideas which will ensure the
national unity.
Despite with improvements in the economic power
of Bumiputeras in general, government has welcomed a lot criticism throughout
their regime. NEP maintains policy discrimination that favours the majority race
over other races after few decades. This is because the special treatment has
resulted and sparked the envy and resentment among the non Bumiputeras.
Privatisation has been welcomed by Tun Dr
Mahatir because of Asian financial crisis. This was under the National
Development Policy. Private sector has been seen as the driver of the economy
growth. It favoured Bumiputera and non Bumiputera with close state links and
this system have welcomed the crony isms in the government. We also need to look
at the whole picture on how this has boost our economy to the next level in the
eye of the world. The changes in the market orientation and management had
forced a re look at NEP in order to boost the Foreign Direct Investment and
capital flows.
The New Economic Model that being enforced by
our current prime minister will speed up Malaysia transition into a high income
country. It targeted more to the international relations and will empathise
ways to increase the income and productivity of workers by encouraging
knowledge industries and investments from foreign countries.
Even as NEP being the benchmark since last 40
years, the policy needs to be re look and several actions need to be taken to
improvise it. Time has changed and maybe policy is not perfect. From political
perspective, government needs to please each and every party to ensure their
places in the parliament but this mentality makes the growth slow. The policies
and special Bumis treatment had being changed incrementally by Dato Najib. Even
as the public policy is not perfect but we can make it to be good through the
implementation for the future of Malaysian.
