Govt may tweak economic development policies

KUALA LUMPUR: The government is expected to develop strategies and initiatives for economic development via adjustments to existing policies and programmes, such as the Economic Transformation Programme (ETP) and the Eleventh Malaysia Plan (11MP).

Putra Business School senior lecturer and business development manager, Dr Ahmed Razman Abdul Latiff, said the government was likely to introduce a new national economic policy since the National Development Policy (NDP) had ended.

He said it was also possible for the government to make a comprehensive transformation on some existing economic policies according to current needs.

“Some reforms on existing policies or new policy introductions can be made by the government as a continuation of the policies introduced earlier.

“For example, improvements can be made to the 11MP which had previously focused on aspiration of achieving a developed country status, which is difficult to obtain in the near future.

“The government needs to be efficient in changing direction by focusing on policies in balancing income and wealth of every individual.

“This is because Vision 2020 is nearing its end and accordingly it should continue with a new vision as an effort to symbolise Malaysia in the next era,” he said recently.

Economic Affairs Minister Datuk Seri Mohamed Azmin Ali had said that the country’s policies would be reviewed to ensure sustainable economic development and equitable distribution.

Meanwhile, Ahmed Razman said if the government took steps to introduce a new economic policy, it should take into account all aspects of the challenging and uncertain global economic environment.