How good governance has helped to transform Malaysia
Since its independence in 1957, Malaysia experienced significant social and financial challenges. The initiatives of the nation’s government did, nevertheless, enable Malaysia to become a major exporter of a number of products, and establish itself as a leading name in global industries like the oil and petrol sectors. For most of the time since Malaysia’s independence until today, the country’s trade policy has been characterized for being fairly liberal (Kinuthia, 2009). Nevertheless, the government did adopt a number of measures during the 1970’s – 1990’s to develop the economy. The strong coalition that has led the country since the 1970’s adopted a number of programmes with very specific aims. Measures like the New Economic Policy, enabled Malaysians to regain control of their economy. The NEP was part of a solid government approach that improved the quality of life of most Malaysians.
The challenges that the NEP faced were very significant: creating a solid financial growth that could decrease poverty levels and uniting a culturally diverse nation integrated by individuals from a wide range of backgrounds so that all ethnic groups could benefit equally from economic growth. The state invested heavily in improving its infrastructures, including transportation links.
[...] To conclude, as seen throughout this report, effective governance has transformed Malaysia into a completely different country. From a poverty stricken country with a slow economy integrated a number of growing industry sector dominated by foreign companies, the government enabled Malaysia to experience a rapid and stable growth that nobody could have imagined during the 1960’s. Thanks to favourable government policy, Malaysian companies re-established themselves on a number of different industries, as part of the aims of the New Economic Policy implemented by the government, which encouraged the country’s population to control and manage at least 30 % of all finance activities in the country (Yusoff et al, 2000). [...]
[...] The NEP was part of a solid government approach that improved the quality of life of most Malaysians. The challenges that the NEP faced were very significant: creating a solid financial growth that could decrease poverty levels and uniting a culturally diverse nation integrated by individuals from a wide range of backgrounds so that all ethnic groups could benefit equally from economic growth. The state invested heavily in improving its infrastructures, including transportation links. Furthermore, the government also encouraged private foreign investment by providing tax breaks and creating free trade areas during the 1970’s (Parindur and Thangavelu, 2011). [...]
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