The confession of a minister

Usually, when you heard about our country’s gloomy economic prospects, almost most of the time, it’s either from the PR coalition or the NGOs.

However, here comes the latest twist with the latest revelation from our Second Finance Minister Ahmad Husni Hanadzlah, when he told an economic outlook conference that Malaysia’s economy has been stagnating for the past decade and is now trailing badly behind its neighbors, calling for “urgent” and wide-ranging reforms.

Malaysia is trapped in a low-value-added, low-wage and low-productivity structure. [...]

Our economy has been stagnating in the last decade. We have lost our competitive edge to remain as the leader of the pack in many sectors of the economy. Our private investment has been steadily in decline.

While Singapore and Korea’s nominal per capita GDP grew within the last three decades by 9 and 12 times respectively, ours grew only by a factor of four.

That’s not about it with his frank admission.

He surprised the floor by calling for sweeping measures including an emphasis on meritocracy and ensuring all Malaysians are given “equal opportunity to participate in the economy”.

“We must also consider the gradual dismantling of our open-ended protection of specific sectors and industries which have introduced a climate of complacency and artificial levels of supply. [...] The long-term success of the nation’s economy must take precedence over the short term interests of a few protected groups,” he said.

I thought this is long due, then again, it’s always better to be late than never!

Now, we need to acknowledge his honesty in telling the truth about the economic doldrums we’re currently in, at least the problem statement is being made known to the world and there is no turning back.

What’s really crucial now is to determine the necessary steps next and put in a total effort to salvage the situation before it’s too late, especially when many bright Malaysians are dumping this nation and migrating overseas in seek for green pastures, better equal employment opportunities, etc.

Too much of sloganeering, lip-services, continuous self-denial and putting in wrong priorities over implementation plans are going to do more harm by placing this country at the brink of collapse, as far as economic survival is concern.

Well, just in case if you do not aware, the once dubbed as backwater nations in SEA such as Indonesia and Vietnam are already far ahead of us while we’ve been sitting duck for too many years, hence we need to rectify it immediately before you realize that it’s too late when countries like Cambodia or Laos zooms pass us one day.