5-year Malaysia Plans outdated, new approach needed

[superadmin]

PETALING JAYA: The five-year economic plans that have been implemented since the 1960s have served Malaysia well, bringing economic development and prosperity, particularly in the earlier decades of the country’s growth.

Now approaching its sixth decade and into its 12th iteration – the 12th Malaysia Plan (12MP) – some economists are arguing that the central economic planning model that is the foundation of the Malaysia Plans is no longer relevant in the 21st century.

They say the time is ripe to move away from the old-style development economics of the 1960s and 1970s.

Center for Market Education CEO Carmelo Ferlito suggests a rethinking of the role of Malaysia’s multi-year economic plans given that it has too much of a “Soviet flavour”.

- More -