Malaysia embarks on unfinished agenda

Malaysia must continue to maintain and enhance its position in the region as a plural and liberal democracy, as well as an open economy.

In a profound sense, our country’s economic resilience relates to building a society on more integrated and solid systems that are less prone to disintegration from the disruption forces coming from within and outside and better positioned for adaptation and flexibility.

Institutional reforms are needed to improve economic and political governance, enhance the role and autonomy of Parliament, enhance the quality of the law-making process, and strengthen the checks and balances mechanism. Bipartisan appointment of commissioners to integrity institutions is critical to ensuring the institutions can operate independent of political interference.

Amongst these are narrowed fiscal space, the middle-income trap, low productivity growth, a lack of skilled manpower, slow technology adoption and digitalisation especially by small and medium enterprises, as well as the uneven pace of private investment, especially domestic direct investment. The government can map out an income enhancement programme covering education, reskilling and upskilling, commerce and entrepreneurship development, as well as employability, to help improve their income level at a faster rate.

Public policies for social and solidarity economies must look into programmes and initiatives related to equity, basic needs provisioning, social inclusion and redistributive justice, democratic governance, and social, economic and environmental justice.

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