IN the roaring 90s, Malaysia gleamed as one of Asia’s “Four Tigers,” its economy purring with rapid growth and vibrant development. Yet, today, a distinct whimper replaces the roar, with Malaysia lagging behind its former competitors Vietnam and Indonesia - in the regional race.
Malaysia’s economic slowdown stems from a complex interplay of factors, not just a single misstep. Addressing the distortions in meritocracy, weaning off unsustainable subsidies, promoting local skill development, and embracing innovation are crucial steps on the road to reclaiming Malaysia’s economic roar.
This, detractors argue, can lead to compromised appointments, akin to assembling a high-performance machine with subpar parts. The engine may falter, the wheels may lose traction, and ultimately, the entire system suffers. Subsidies distort market forces, discouraging investment in efficient production and encouraging wasteful consumption.
Over-reliance on foreign workers stalled the development of a skilled domestic workforce, leaving Malaysia vulnerable to disruptions and unable to compete in knowledge-based industries. While Vietnam and Indonesia are embracing R&D and high-tech sectors, Malaysia remains largely stuck in the past, churning out the same products with little technological leaps.
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