Very sad statement from NEAC, but if you were to ask the fellow from UMNO, Ibrahim katak Ali, and Mamak M they will say " no no no". We Malaysia are still the best in the world, dun believe? you can compare us with Zimbawe, Myanmar..........They never dare to compare with Hong Kong, Singapore and Taiwan , our MR. smart will always tell you they are not a countrylah....
KUALA LUMPUR, March 30 — Although Malaysia’s income trajectory continues to exhibit a gradual upward trend, it remains far below the “high income” boundary, says the National Economic Advisory Council (NEAC).
It says in the New Economic Model for Malaysia Part 1 Report released today that several countries, including Korea, Poland, Slovakia and the Czech Republic have been able to make the transition to the “high income” status.
The report says although absolute poverty has been reduced, 40 per cent of households continue to have very low income levels, particularly those in rural areas.
In the long run, this hampers social mobility, again inhibiting large numbers of Malaysians from fully realising and developing their potential to contribute to the economy.
The labour market in Malaysia does not function very well as high dismissal costs are required under the labour laws making investors unwilling to go into new areas of business which may involve shedding of labour.
In response, some investors have found it more profitable to take on foreign unskilled labour where labour laws are not as strictly enforced.
“This, in turn, holds down wage levels for all workers,” says the report, adding that market rigidities must be corrected to enable the country to attract investment in new sources of growth such as medical tourism, information and communication technology, and Islamic products and services.
Also, Malaysia suffers from an exodus of talent as the education system has failed to deliver the required talent, unable to retain local talent of all races nor attract foreign ones due to poor prospects and a lack of high-skilled jobs.
Lack of talent will hamper research and development (R&D), innovation in the areas of Malaysia’s strength such as electrical and electronic and palm oil.
The report says without a critical mass of local and expatriate talent, Malaysia will not be able to prevent the erosion of its traditional advantage in commodities and manufacturing.
And, to encourage the private sector to become more agile and to survive in a competitive global environment, the NEAC recommends that policy deficiencies be corrected to take a longer-term view of business prospects. — Bernama
KUALA LUMPUR, March 30 — Although Malaysia’s income trajectory continues to exhibit a gradual upward trend, it remains far below the “high income” boundary, says the National Economic Advisory Council (NEAC).
It says in the New Economic Model for Malaysia Part 1 Report released today that several countries, including Korea, Poland, Slovakia and the Czech Republic have been able to make the transition to the “high income” status.
The report says although absolute poverty has been reduced, 40 per cent of households continue to have very low income levels, particularly those in rural areas.
In the long run, this hampers social mobility, again inhibiting large numbers of Malaysians from fully realising and developing their potential to contribute to the economy.
The labour market in Malaysia does not function very well as high dismissal costs are required under the labour laws making investors unwilling to go into new areas of business which may involve shedding of labour.
In response, some investors have found it more profitable to take on foreign unskilled labour where labour laws are not as strictly enforced.
“This, in turn, holds down wage levels for all workers,” says the report, adding that market rigidities must be corrected to enable the country to attract investment in new sources of growth such as medical tourism, information and communication technology, and Islamic products and services.
Also, Malaysia suffers from an exodus of talent as the education system has failed to deliver the required talent, unable to retain local talent of all races nor attract foreign ones due to poor prospects and a lack of high-skilled jobs.
Lack of talent will hamper research and development (R&D), innovation in the areas of Malaysia’s strength such as electrical and electronic and palm oil.
The report says without a critical mass of local and expatriate talent, Malaysia will not be able to prevent the erosion of its traditional advantage in commodities and manufacturing.
And, to encourage the private sector to become more agile and to survive in a competitive global environment, the NEAC recommends that policy deficiencies be corrected to take a longer-term view of business prospects. — Bernama
1 comment:
You are very cute Truly Malaysian...anyway this is true fact of our country...
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