What’s blocking Malaysia’s climb to high-income status

[superadmin]

PETALING JAYA: Political tampering with the economy is interfering with Malaysia’s progress towards becoming a high-income nation, according to an economist.

Benedict Weerasena of Bait Al-Amanah said the prevalence of such tampering and influence on governing institutions and the civil service was “eroding effective economic and financial decision-making”.

Referring to a recent World Bank Group report that foresees the possibility of Malaysia achieving high-income status in the next five years, he said it was “slightly optimistic” but acknowledged that the target was within the realm of possibility if recovery from the pandemic was fast enough, economic growth remained solid and the ringgit stayed stable.

He described political tampering and influence on institutions as being among the “biggest stumbling blocks” and added that reliance on migrant workers had weighed down efforts to promote higher value industries.


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