Malaysia needs new economic policy to tackle inequality, says Muhyiddin

Tan Sri Muhyiddin Yassin has suggested for the government to draft a new national economic policy to tackle concerns of inequality within the society which is characterized as being “quite terrifying”

In his speech at the official opening of the UMNO party wings, the UMNO deputy president had suggested for the bumiputera agenda to be used as a national agenda and not a racial agenda.

“I suggest that for the Bumiputera Agenda together with policies and strategies which narrows the economic gap be made the core objective of Malaysia’s 11th Plan which would be the country’s final leap in becoming a developed nation.

“Bumiputera Agenda as a National Agenda cannot be implemented in pieces or as a separate plan from the bigger framework of the national economy. It must be implemented in an inclusive and comprehensive manner which spreads across all economic sectors.

“I also suggest a new National Economic Policy be created aimed at driving forward equality,” said Muhyiddin at the Putra World Trade Centre (PWTC), tonight.

Malaysia’s 11th Plan is scheduled to be tabled by Prime Minister Datuk Seri Najib Razak in May next year.

In his speech, Muhyiddin mentioned how the New Economic Model (DEB) of tackling both poverty elimination and restructuring of society that ended in 1991 had partly achieved its goal.

“However, 24 years after the implementation of DEB, we return to square one, listening to the quandaries from the Malay community,” he said.

Muhyiddin said several examples from government official data shows how the economic gap between races still exist, among them are from the difference in monthly income between a bumiputera and a non-bumiputera to the question of low property ownership also difficult employment opportunities and high unemployment.

“As a whole, the economic level of the Malay community remains bad. Inequality in the community is quite terrifying,” said Muhyiddin.

According to Muhyiddin, the country is in need of an economic model which ensures equal distribution of economic growth while not putting aside the Malay community and Bumiputeras as the majority group.

He explained, that inequality within the society is not solely a racial issue but also a class problem that if left unsolved will affect the overall performance and growth of the nation’s economy.

The issue of inequality among the people is expected to dominate the debate during the UMNO General Meeting this week.

The three UMNO wings—Youth, Women, ‘Puteri’—will be in session on Wednesday before the UMNO General Meeting which will take place from Thursday to Saturday.