Ad Banner
Advertisement by Open Privilege

Malaysia needs to improve these three things

Image Credits: UnsplashImage Credits: Unsplash
  • Focus on high-skilled employment, labor compensation, and tax collection to drive growth.
  • Promote clean energy, waste management, and natural resource protection.
  • Address income inequality, improve healthcare and education, and promote social inclusion.

Malaysia stands at a pivotal juncture in its development journey. As the nation transitions towards becoming a high-income economy, it must address key areas to ensure sustainable and inclusive growth. The three pillars that Malaysia needs to improve are economic empowerment, environmental sustainability, and social well-being. These pillars are essential for Malaysia to achieve its long-term goals and secure a prosperous future for its citizens.

Economic Empowerment

Economic empowerment is crucial for Malaysia's continued growth and development. The nation has made significant strides in transforming its economy from one based on agriculture and commodities to a robust manufacturing and service sector. However, to maintain this momentum, Malaysia must focus on several key areas:

Enhancing High-Skilled Employment: Malaysia needs to increase the proportion of high-skilled jobs to compete effectively on the global stage. This involves investing in education and vocational training to equip the workforce with the necessary skills.

Improving Labor Compensation: Ensuring fair wages and better working conditions will help address income inequality and improve the quality of life for Malaysian workers.

Boosting Tax Collection and Social Spending: Strengthening tax collection mechanisms and increasing social spending can provide the necessary resources for public services and infrastructure development.

As noted by the World Bank, "Malaysia's openness to trade and investment has driven employment creation and income growth, with approximately 40% of jobs linked to export activities". This highlights the importance of maintaining a favorable business environment to attract foreign investment and create job opportunities.

Environmental Sustainability

Environmental sustainability is another critical pillar that Malaysia must improve to ensure a healthy and resilient future. The nation has already made commitments to reduce greenhouse gas emissions and promote sustainable practices, but more needs to be done:

Promoting Clean Energy: Shifting towards renewable energy sources such as solar, wind, and hydroelectric power can help reduce Malaysia's carbon footprint and dependence on fossil fuels.

Enhancing Waste Management: Implementing efficient waste management systems, including recycling and waste-to-energy technologies, can minimize environmental pollution and conserve resources.

Protecting Natural Resources: Preserving Malaysia's rich biodiversity and natural habitats is essential for maintaining ecological balance and supporting sustainable tourism.

According to the Twelfth Malaysia Plan (12MP), "Malaysia aims to solidify its efforts in becoming Asia’s most dynamic economy in the near future by prioritizing sustainable growth strategies". This underscores the government's commitment to integrating environmental considerations into its development agenda.

Social Well-Being

Social well-being is the third pillar that Malaysia needs to improve to ensure a cohesive and inclusive society. This involves addressing issues such as poverty, inequality, and access to essential services:

Reducing Income Inequality: Implementing targeted measures such as cash transfers to low-income households can help alleviate poverty and support vulnerable populations.

Improving Healthcare and Education: Ensuring access to quality healthcare and education for all citizens is fundamental for social progress and economic development.

Promoting Social Inclusion: Creating a diverse, equitable, and inclusive society where all individuals have equal opportunities and rights is vital for national unity and stability.

The World Bank highlights that "Malaysia has achieved notable success in poverty reduction, with less than 1% of its population living below the international extreme poverty line". Building on this success, Malaysia must continue to implement policies that promote social equity and well-being.

The three pillars that Malaysia needs to improve—economic empowerment, environmental sustainability, and social well-being—are interconnected and essential for the nation's long-term success. By addressing these areas, Malaysia can ensure sustainable and inclusive growth, enhance the quality of life for its citizens, and secure a prosperous future. As the nation moves forward, it is crucial to prioritize these pillars and implement effective policies and strategies to achieve its development goals.

Ad Banner
Advertisement by Open Privilege

Read More

Leadership Malaysia
Image Credits: Unsplash
LeadershipJuly 24, 2024 at 10:30:00 PM

How to manage the transition from middle to senior management

Transitioning from middle management to senior leadership is a pivotal step in one's career that demands more than just hard work and dedication....

Tech Malaysia
Image Credits: Unsplash
TechJuly 20, 2024 at 6:00:00 PM

The double-edged sword of rapid cloud updates: Lessons from a global tech meltdown

A recent global tech outage has sent shockwaves through the IT industry, exposing the inherent risks of prioritizing speed over safety in software...

Investing Malaysia
Image Credits: Unsplash
InvestingJuly 19, 2024 at 6:00:00 PM

What to do when your stocks are falling

Experiencing a significant drop in your stock portfolio can be daunting. However, it's important to remember that market fluctuations are a natural part...

Real Estate Malaysia
Image Credits: Unsplash
Real EstateJuly 19, 2024 at 6:00:00 PM

Why property investors can't claim unfairness to withdraw from deals

Investing in property can be a lucrative endeavor, but it comes with its own set of challenges and risks. One significant issue that...

Adulting Malaysia
Image Credits: Unsplash
AdultingJuly 19, 2024 at 5:00:00 PM

Is the cost of smoking a significant barrier to tobacco use?

The rising cost of smoking has become a focal point in discussions about public health and tobacco control. As governments worldwide implement higher...

In Trend Malaysia
Image Credits: Unsplash
In TrendJuly 19, 2024 at 12:00:00 PM

Istana opens its doors on July 28 for National Day celebrations

The Istana, Singapore's iconic presidential palace, will be holding an open house on July 28, 2024, to celebrate National Day. This annual event...

Politics Malaysia
Image Credits: Unsplash
PoliticsJuly 19, 2024 at 11:30:00 AM

Trump accepts the Republican nomination for president

Former President Donald Trump officially accepted the Republican presidential nomination for the 2024 election. His keynote speech, delivered with characteristic fervor, captivated the...

Politics Malaysia
Image Credits: Unsplash
PoliticsJuly 19, 2024 at 11:00:00 AM

Israeli military investigates potential drone attack following Tel Aviv blast

The Israeli Defense Forces (IDF) have initiated a thorough investigation following reports of a possible drone attack in Tel Aviv on Friday, July...

Tech Malaysia
Image Credits: Unsplash
TechJuly 19, 2024 at 9:30:00 AM

Singapore invokes Foreign Interference Law: 95 social media accounts blocked in landmark move

The Ministry of Home Affairs (MHA) has directed five major social media platforms to block 95 accounts suspected of engaging in hostile information...

Finance Malaysia
Image Credits: Unsplash
FinanceJuly 19, 2024 at 9:30:00 AM

Ringgit shows modest gains against USD as Q2 GDP forecast looms

The Malaysian Ringgit has shown signs of resilience, making a modest comeback against the US Dollar as market participants eagerly await the release...

Investing Malaysia
Image Credits: Unsplash
InvestingJuly 19, 2024 at 8:30:00 AM

Using ETFs for strategic profit in uncertain times

Investors face a myriad of challenges stemming from geopolitical tensions, economic uncertainties, and technological disruptions. As the world grapples with what some experts...

Investing Malaysia
Image Credits: Unsplash
InvestingJuly 19, 2024 at 8:00:00 AM

4 things to keep in mind when borrowing money to invest

Borrowing to invest is a strategy that can amplify your financial gains but also carries significant risks. Before diving into this approach, it’s...

Ad Banner
Advertisement by Open Privilege
Load More
Ad Banner
Advertisement by Open Privilege