Malaysia needs clear policy to adapt to future economy, says SPV 2030 book

Prime Minister Tun Dr Mahathir Mohamad launches the ‘Shared Prosperity Vision 2030’ book in Kuala Lumpur October 5, 2019. ― Picture by Hari Anggara
Prime Minister Tun Dr Mahathir Mohamad launches the ‘Shared Prosperity Vision 2030’ book in Kuala Lumpur October 5, 2019. ― Picture by Hari Anggara

KUALA LUMPUR, Oct 5 ― Malaysia needs a clear policy to raise awareness, adaptation and dominance of the future economy through exploration in new areas such as digital economy, automation, financial technology and artificial intelligence.

According to the Shared Prosperity Vision 2030 (WKB2030) Book, the country's policies, legislation and business trends need to change to be relevant to future economic demands without focusing solely on becoming consumers.

“The digital economy-based business and marketing trends have created many types of jobs using social media applications.

“The introduction of various disruptive platforms such as e-hailing, e-booking and e-mall has also changed the way marketing and service provisioning evolves from conventional to online,” it said.

The book states that financial activity is now turning to digital platforms such as e-payment and e-wallet, as well as robo-advisors as consultants for investment-related activities, while the production process has undergone radical changes with the use of drone technology, smart agriculture and augmented reality.

It also said the failure to adapt the future economy would result in national big data being dominated by the global community through cross-border digital platforms.

“This situation will make it difficult to control corporate crime, fraud, money laundering and overseas money transfer, and foreign exchange stability,” the book said. ― Bernama

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