Image credit: The Sun Daily
BANGI: The government must institutionalise the Madani Economy initiative immediately so that the implementation of each target and development programme can be realised simultaneously and quickly.
Malaysian Inclusive Development and Advancement Institute, Universiti Kebangsaan Malaysia (Minda-UKM) director Prof Tan Sri Noor Azlan Ghazali said a dedicated team should be established to oversee the implementation of the Madani Economy, which requires joint action.
"There must be a dedicated team who is mandated and empowered to report directly to the Prime Minister on the progress that has been achieved.
"At the same time, they need to plan together with the (government) ministries as they are the principal executors of every sector," he said during a special press conference on "Madani Economy: Achieving the Target" here today.
He said the team would need to include certain ministries, industry players and experts in various industries so that all parties can move together in implementing an initiative or an issue.
"If Madani Economy is not institutionalised, we cannot see accountability in every action. So, our big expectation this time is to see the implementation materialise," he said.
He hoped that this initiative could be implemented well and successfully so that the people could see a Malaysia of high dignity and the people would enjoy a high quality of life.
Thus, Noor Azlan explained that to improve our economy, we need to address the cost of living issue as it affects all levels of society, especially the low-income group.
"The income issue needs to be managed first and be given serious attention. From a global perspective, the cost of living in Malaysia is considered very cheap and low as we are ranked 107th," he said.
He also said the government needs to fine-tune initiatives related to people's income and reduce the dependence on low-skilled foreign workers.
The Madani Economy initiative has set seven key performance indicators as medium-term targets to be achieved within a period of 10 years, namely for Malaysia to rank among the 30 largest economies in the world, to achieve 12th position in the Global Competitiveness Index, and be in the top 25 of the world in the Human Development Index as well as in the Corruption Perception Index.
The other targets include raising the percentage of labour income to 45 per cent of the total income (versus the 12th Malaysia Plan target of 40 per cent by 2025), growing the participation rate of women in the labour force to 60 per cent, and achieving fiscal sustainability with a fiscal deficit of three per cent or lower.
Regarding the ringgit decline, Noor Azlan said the influx of foreign workers could lead to the fall of the local currency, but that is not one of the main causes of the ringgit decline.
Source: https://www.nst.com.my/business/2023/08/940709/economist-urges-govt-institutionalise-madani-economy-speedy-implementation