News – PM Najib writes on Malaysia’s steady but sure growth

Government is best at managing economy rather than leaving it to the market to determine its own cause. Just look at history and recent events in US and Europe. All government have to do is intervene whenever there is any crisis (although it is the government that started the seed of destruction, opps, progress…) and brings stability to the region. Your success is not yours. Its is the government that make it happen. Without government, noting can grow.

 

That being said, the Government’s steady economic stewardship, and in particular our Economic Transformation Programme, has provided a sound basis for our country’s economic resilience.

Malaysia never embraced the unregulated, instant-gratification capitalism that has proved catastrophic to some economies since the global financial crisis. Instead, we focused on ensuring stability and making considered, iterative reforms that accrue long-term dividends. We have liberalised services sectors, focused investment in key growth industries and divested state ownership in well-established companies. Felda Global and IHH Healthcare are cases in point. For many years, the Government owned majority holdings in these fledgling companies, shielding them to some extent from the vagaries of the market until they were mature enough to fly the nest. Felda Global is now the world’s third-largest palm oil company by acreage, while IHH Healthcare is Asia’s biggest hospital operator.

The Government continues to support emerging industries that will power the Malaysian and the global economy in the decades to come. For example, we aim to grow our information, communication and technology sector to provide 17% of national income by 2020; and we are supporting low-carbon technologies, such as solar modules, super-efficient LED lighting and hybrid and electric cars. Our tourism and high-end manufacturing sectors are already global leaders; while Malaysia is the world’s front runner in Islamic finance.

 

READ MORE HERE