The 10MP begins next year with the intention of charting the course of the economy as well as the social well-being of the citizens of Malaysia in the next five years.
The three key targets are an economic growth of 6% per annum in real terms, a reduction from 5.3% to 3% in the fiscal deficit and, as a result, a need to ensure that private investments will have to grow at 12.8% or RM115 billion annually.
The key to the economic success of Malaysia in the next five years, or anytime, is private investments. If private investments are not forthcoming, economic growth will fall below 6% per annum. In the 9MP, the average growth was 4.2% per annum. So equally, if we do not watch out, the economy could manage just to grow at 2-3% per annum which will be about the rate of growth of the population.
The rest on social development has to do with the distribution of government funds. The point I wish to make here is that while most people think that better growth will lead to better distribution (studies show otherwise), the situation we have here in Malaysia is that distribution may be affecting growth especially private investments.
In my mind, it is jolly well and good to have a nicely prepared plan. But the implementation must be done fairly and demonstrating social justice. Otherwise, the risk is to lose the support of the public.
The best of luck to Malaysia!
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