KUALA LUMPUR, Dec 31 -- Malaysia’s economy looks well-poised for a recovery owing to reforms involving both the government and private sector, the G25 movement said today.
The group which also includes former senior civil servants in its ranks expressed its hope that there will be more cheerful news next year about economic recovery to lift the mood of Malaysians.
“With the various restructuring and transformation programmes which have been introduced in the government, as well as in the corporate and financial sectors, the economy is on a strong footing for recovery as and when the global uncertainties fade away to revive business confidence around the world,” the G25 secretariat said in its new year’s message.
The group highlighted Malaysia’s economic achievements, pointing out that Malaysia’s leaders had placed strong emphasis on the link between economic growth and national unity in its development plans every five years since the New Economic Policy’s 1971 roll-out.
“Thanks to our capable leaders, the country has developed so fast that we have graduated from a low income country to becoming a high income country soon, a remarkable achievement by any standards. Economic development has brought stability to the country.
“Although much remains to be done in achieving the aspirations in the Rukunegara, we can be proud that we have built the economic foundation to strengthen our prospects for achieving national unity,” it said.
G25 also noted that Malaysia is aware of the importance of having a strong economy, pointing out that a weak economy with insufficient income generation and jobs is dangerous to the society.
“It will attract the hate politics that use race and religion to destabilise the country, leading to extremists exploiting the situation for their own agenda,” it said, warning of the pitfalls of a weak economy.
G25 said the root cause of Muslim countries which had turned into failed states was their failure to carry out the right policies that generate growth, provide for the citizens’ basic needs and promote tolerance for religious and cultural diversity.
G25 said the youths in those countries then turn to extremism to express their anger as they feel frustrated by their governments’ alleged uncaring attitudes and preference to spend time on religious politicking instead of the economy.
“This must not be allowed to happen in our country”.
The challenge for Malaysia now is to sustain the economic progress that has already been achieved and make it more inclusive in order to win public confidence and support for the government’s development efforts, it said.
“Inclusivity means recognising the rights of the lower income groups for a bigger share of the national wealth and providing economic justice for all races. It also means tolerance for an open society with rights and freedoms for citizens to voice their disagreements with the government and to hold it accountable for its actions,” it said.
G25 noted that the Malaysian government had already adopted inclusive development strategies in its economic planning and annual budget, with big spending and heavy borrowing to fund its development programmes for growth and equitable distribution among all.
It said the government should, in carrying out such efforts, be transparent in managing the country’s finances and should empower all arms of the government ― Parliament, the judiciary, institutions of law and order ― to act as checks and balance and ensure the restoration of good governance.
“The government should move with the times to embrace civil society and a free media as partners in development,” it also said, adding that this will make Malaysia a model nation in the Muslim world.
“With all races sharing a common destiny of economic development and social justice under a vibrant democracy, Malaysia can look forward to a bright future,” it said.
