KUALA LUMPUR, Oct 8 — Malaysia stands at the critical crossroads, either leap forward into a new future of prosperity and security or be left vulnerable to “destructive” processes, says Prime Minister Datuk Seri Anwar Ibrahim.
Anwar who is also the Finance Minister said the way forward must be a development pathway that is forward-looking, and solutions-oriented, always serving the well-being of the rakyat by addressing inequality, while also cultivating a mindset of shared responsibility and innovation.
“As a Prime Minister who has promised structural reforms, I cannot take too much pride in the strong quarterly economic growth or the surge in the ringgit’s exchange value this year.
“I am aware that a large segment of the rakyat is still feeling financial strain, which progressively erodes their quality of life,” he said in his official LinkedIn profile today.
According to the Prime Minister, a country’s economy is complex, and reforms affect many moving parts, including entrenched interests with some issues that can be resolved through policy, but others require a deeper appeal to reason and moral suasion.
“I know many of you are eager to see institutional changes to the economy. Yet, I remind myself that lasting reforms require careful, gradual implementation.
“Hastily applied measures can risk unintended economic shocks and societal pushback,” he added.
With this in mind, Anwar said he took the opportunity during his opening address at the Khazanah Megatrends Forum 2024 on Monday to appeal to reason.
“In a ballroom filled with economists, corporate leaders, and government officials, I shared my perspective on how the current economic system, which glorifies unfettered capitalism, ensures that the rich and powerful get to have the cake and eat it too, while the poor and marginalised are left to clean up the plate.
“Decades ago, I published a book ‘The Asian Renaissance’. In it, I argued that while productivity is key to sustainable economic growth, public funds must be directed towards building human capital, especially through education and healthcare.
“Eradicating poverty and creating humane living and working conditions must always be the top priority,” he noted.
The prime minister highlighted that the MADANI Government’s decisions to adjust electricity tariffs and retarget decades-long subsidies are some of the reforms implemented to ensure that the wealthy and big industries pay their fair share, while the majority of the rakyat continue to benefit from the subsidies they deserve.
The government has also crafted various policies to tackle environmental degradation and low productivity, such as the National Energy Transition Roadmap and the New Industrial Master Plan 2030.
“But these plans will only succeed if the private sector joins us in our mission,” Anwar said. — Bernama
