Malaysian new economic model

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    20-Jan-2015

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<ul><li> 1. Malaysia has progressed from an economy dependent on agriculture and primary commodities to a manufacturing- based, export-driven economy. To move the country forward, the Government has crafted a framework comprising four pillars to drive the change. </li></ul> <p> 2. (Source: http://www.mida.com.my , 2012) 3. The New Economic Model (NEM) to be achieved through an Economic Transformation Programme (ETP) constitutes a key pillar which will propel Malaysia to being an advanced nation with inclusiveness and sustainability in line with goals set forth in Vision 2020 4. 1. Oil, Gas and Energy 2. Palm oil and Rubber 3. Business Services 4. Tourism 5. Financial Services 6. Education 7. Wholesale and Retail 8. Electrics and Electronic 9. Agriculture 10. Healthcare 11. Communication content and Infrastructure 12. Greater Klang Valley and Kuala Lumpur 5. New Economic Model (NEM) was introduced by Sixths Malaysian Prime Minister Dato Seri Najib Tun Razak It was introduced on 30 March 2010 Consist of 2 Part: 1st Part start 30 March 2010 2nd part announced after 10th Malaysia Plan 6. 1st phase of NEM: Part 1 - Strategic Policy Direction 2nd phase of NEM: Concluding Part - Strategic Policy Measures 7. (Source: : NEAC , Part 1 New Economic Model- Strategic Policy Directions , 2010, page 15) 8. (Source: NEAC , Part 1 New Economic Model- Strategic Policy Directions , 2010) 9. Transform the Malaysian economy to become one with high incomes and quality growth by 2020 The goal of the NEM is for Malaysia to be a developed and competitive economy People enjoy a high quality of life and a high level of income resulting from growth that is both inclusive and sustainable 10. The Malaysian economy will be market leader, well-governed, regionally integrated, entrepreneurial and innovative Private sector the main driver of economic growth (innovation and creativity) Public sector the public goods provider (regulatory framework) 11. SRI 1: Re-energising the private sector to drive growth SRI 2: Developing a quality workforce and reducing dependency on foreign labour SRI 3: Creating a competitive domestic economy SRI 4: Strengthening the public sector 12. SRI 5: Transparent and market-friendly affirmative action SRI 6: Building the knowledge base and infrastructure SRI 7: Enhancing the sources of growth SRI 8: Ensuring sustainability of growth 13. (Source: National Economic Advisory Council (NEAC), 2010) 14. On 2010, Malaysia per capita income was US$7000 approximately RM23,100- The target is to doubled it in 10 years. The gap between rich and poor is widening- 64% between rich and middle income. Malaysia caught in the middle of income trap- Middle income countries cannot compete in all fields again all corners(NEAC,2010) 15. (Source: National Economic Advisory Council (NEAC), 2010) 16. (Source: Nationmaster, UN, World Bank) </p>

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