Many critics said Malaysia’s economy was in trouble. Some even wanted foreign intervention. But, the detractors would have to concede defeat now because the government’s plans to strengthen, liberalise and open up the economy are working. How is the economy doing? Just from first impressions, it’s performing well. The economy grew five per cent last year and the Organisation for Economic Cooperation and Development is forecasting the same average growth rate for the next four years, far higher than the global average rate. Foreign investors have bought RM5.5 billion worth of domestic stocks in the first quarter of this year alone. What’s more, gross national income has increased by nearly 50 per cent between 2009 and last year. There are 1.8 million new jobs and inflation has been kept low. These are indicators that the country’s economy is resilient and sustainable, and it has been able to weather global challenges, including the drop in crude oil prices.
Indeed, Malaysia’s economic plan — aided by the six Strategic Reform Initiatives, the 12 National Key Economic Areas of the Economic Transformation Programme and the hard work of millions of Malaysians — is running effectively. The government’s focus on sustainability, inclusivity and innovation has paid off as these achievements testify. The benefits of the economic programme are not only for Malaysians today, but also for their children and their children’s children. Six years ago, Prime Minister Datuk Seri Najib Razak introduced Malaysia’s New Economic Model, which was designed to transform Malaysia into a high-income nation built on sustainable foundations with no one left behind. And, the facts have spoken today. The accolades from global bodies praising Malaysia’s economic performance simply confirm what we already know — that we are on the right track for continued growth.
There were a few dark spots, but the government quickly took steps to resolve them. The bauxite contamination in the east coast region is an example. The authorities have extended the ban on mining for another three months from Friday, and will insist that strict guidelines are put in place before the end of the prohibition. Flood mitigation projects further illustrate the government’s commitment to address issues that affect the people. In the past five years, the government has implemented close to 200 flood mitigation projects, which shielded nearly one million people from floods. Additionally, hazard maps were developed to facilitate disaster prevention and development planning in high-risk areas. These and other initiatives that protect the environment and ensure sustainable growth are not just about doing the right thing, they also make financial sense.
Malaysians are custodians of a country which is magnificent in all its astounding variety and we are obliged to take care of it. We pride ourselves on being stewards of the rainforest, coastal areas and countryside. But, conserving the environment and recycling also save money, and new green businesses offer huge opportunities. The critics and pessimists have been proven wrong, yet again. And, it is time to move on and build on our success. We owe it to ourselves to do what’s best for us.