Hetalia: Axis Powers - Romano

THE LEADER OF MALAYSIA

THE LEADER OF MALAYSIA
"I don’t crave power for the sake of power but I need power to serve the people and ensure successful nation building"- Najib Razak

6.0 ECONOMIC POLICY


The ways to achieve Vision 2020

6.1  New Economic Model

      The New Economic Model (NEM) is an economic plan in Malaysia unveiled on 30 March, 2010 by Malaysian Prime Minister Najib Tun Razak which is intended to more than double the per capita income in Malaysia by 2020. Besides, this is programme aims to shift affirmative action from being ethnically-based to being need-based hence becoming more competitive, market and investor friendly. According to Najib the goal is to "transform the Malaysian economy to become one with high incomes and quality growth" by 2020. 

      The keys to the plan as described by Najib at the 30 March unveiling are "high income, sustainability and inclusiveness".The goal is to stimulate economic growth by improving worker productivity across all sectors of society, in part through an improved system of affirmative action, with an eye towards sustainability. Among other reforms meant to accomplish this goal, the Najib administration have also claimed that the NEM is to empower the private sector and to reduce fiscal disparity between the wealthiest and poorest of Malaysians


6.2  Reform of government subsidies

      Subsidy reform in Malaysia was initiated in July 2010 by Prime Minister Najib Tun Razak via a reduction in subsidies for fuel and sugar. Further cuts in subsidies for these and other products are planned over a three- to five-year period in order to strengthen government finances and improve economic efficiency. Prime Minister Najib announced cuts in the subsidies for vehicle fuel, sugar, and gas for cooking that took effect on midnight 15 July 2010.

      The government plans to regulate the price of RON97, a premium grade of petrol, through what it calls a "managed float mechanism". The government plans to adjust prices monthly according to conditions in the international oil market. The prime minister stressed that the government would continue to standardize prices in Sabah and Sarawak to protect the rural poor.


6.3  Economic liberalization

      Malaysia has implemented substantial measures to attract and maintain foreign investment including a moderation of preferences designed to benefit ethnic Malays. Specifically these reforms include allowing foreign investors to hold majority stakes in most enterprises excluding "strategic" industries such as banking, telecommunications, and energy, easing insurance regulation, curtailing powers of the Foreign Investment Committee and lowering the minimum quota for Malay ownership in publicly traded companies from 30 percent to 12.5 percent. As he introduced the reforms Najib stated, "The world is changing quickly and we must be ready to change with it or risk being left behind.”



      Under Najib, the Malaysian central bank has increasingly allowed the ringgit to appreciate and has plans to allow settlement and borrowing denominated in ringgit to be conducted offshore. Najib says that exporters will not be hurt by these actions

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