As stated in the New Economic Model (NEM) for Malaysia, the main goal is for Malaysia to be a developed an economy that generate high level of income which resulting from growth that is both inclusive and sustainable. In brief, the Government is targeting on achieving US$15,000 – 20,000 per capita by the year 2020. The Government also wanted to enable all communities to be fully benefited from the wealth of the country to promote inclusiveness. Sustainability refers to the ability to meet the current needs without compromising the needs of the future generations.
High-Income Economy
According to World Bank’s current definition of high income, the Government defines high income as per capita income of USD15,000 or RM48,000 in 2020 whereby the current Gross Domestic Product (GDP) of Malaysia is about RM23,700 or USD6,700. In order to let our country being categorized as high-income economy by 2020, Malaysia needs to achieve GDP growth rate of 6 percent per year. The Government would particularly develop the service sector which will be emphasized on financial services, business services, tourism, healthcare and so on. For example, it is prospected that by 2020, service sector would make up 65 percent of the economy in which it will be an increment from the previous 58 percent in 2010. Meanwhile, domestic demand which usually accounts for 50 to 70 percent of the GDP is currently accounts for 53 percent and is predicted to increase up to 59 percent in 2020. This might be the result of growth in service sector as well as on going urbanisation. The increase in domestic demand also indicates that a country is becoming less dependent on exports. As a result of structural changes, Malaysia’s economy will decrease its dependency on primary...
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... the Government will have to ensure that environmental resources are fully utilised and that the all costs of development are taken into consideration before development process begins. However, this does not suggest that natural resources should not be a used in the production process. Instead, it means that under the implementation of new regulations investment decisions would have to take into account the long-term implications towards the society, economy, and also the environment. The conventional method of measuring GDP of economic growth is not inclusive of costs arising from environmental deterioration. Recent development plans are moving towards a more environmental-friendly economy concept, which allows proper consideration of the implications of growth on the environment and the suitable solutions and procedures to address these environmental concerns.
The reason because environmental issues were not take in consideration before, in the economic field, was due to the absence of their costs from the calculation of GNI. However, it has to be consider that future growth and in general, quality of life are strongly related to environment. Therefore, environment’s long term implications has to be taken in consideration in the economy.
The government allowed much of these unsustainable activities to occur without understanding the large scope of consequences it has. With land degradation, the country will not be able to “feed its population, provide water, develop the tourism industry, and diminish vulnerability to natural hazards”. Without the political will of the government, none of these issues can be addressed or minimized. The government needs to involve its efforts and funds to develop land use planning and to protect its resources in order to protect its future generations and the future of the country (Castro, Mataya, and Stark, 2007, p.
Southgate, Douglas DeWitt, and Morris D. Whitaker. Economic Progress and the Environment: One Developing Country's Policy Crisis. New York: Oxford UP, 1994. Print.
After the industrial revolutions, the factories have incremented, but in detriment of the environment. Thesis: Progress is good when is balanced, if not, the consequences are devastating for nature. We must never put the growth of industry before nature, for three reasons: the global warming, the damage on the ozone layer, and the loss of the flora and the fauna.
Malaysia is located in the south-eastern Asia, bordering Thailand and northern one-third of the island of Borneo, bordering Indonesia, Brunei, and the South China Sea, south of Vietnam. Due to its locations, it has been colonised since the late 18th centuries by many countries. Since 1965, Malaysia has had one of the best economic records in Asia, with GDP average of 6.5% growth for almost 50 years. The economical development especially boosted during 1981 and 2003 under the governance of Prime Minister Mahathir bin Mohamad. Malaysia succeeded in diversifying its economy from dependence on exports of raw materials to expansion in manufacturing, services, and tourism. Also, the current Prime Minister continues to pursue pro-business policies .
In conclusion, these new tax policies that our Malaysia government implemented will give a good impact on our company when we are new established and give a bad impact on our company’s sales when our company expands and annual turnover are exceed RM500, 000. The reflationary fiscal stance will decrease the profit of our
In a dominant- party system, a single party wins approximately 60 percent or more of the seats in legislature and two or more other parties usually win less than 40 percent of the seat. Opposition parties in dominant-party system are free to contest elections. The dominant parties have to compete for votes to maintain its power or to gain power. This democratic competition imposes a check and balance on the government of the day, promotes transparency and accountability and ensures that service delivery to the people are prioritized or it will be given the boot.
Zumkehr, Hye Jin. "Malaysia & South Korea: A Decade After the Financial Crisis."Chulalongkorn Journal of Economics 20.1 (2008): 1-26. Chulalongkorn Journal of Economics. Web. 1 Apr. 2014. .
Can anyone imagine what will happen to Malaysia after a few more decades? Debt crisis in Malaysia is getting more severe due to lack of management among individuals. Serious debt crisis might lead to bankruptcy to our country. Nation leaders should lead others away from debt. If this scenario continues, Malaysia might follow the footstep of Greece, Spain, Italy, and Portugal. Debt crisis can be avoided by providing trainings and courses to the employees, improve individual personal finance management and filtering candidates in hiring process.
The manner by which the environment is being harmed is much different now than it was in the 1400's. Production byproducts rather than the actual production are the cause of current environmental degradation. However, economic analysis has proven that environmental protection is a normal good. A normal good or service in economic terms means that the demand for such items increases as income increases. As such, for the sake of the poor as well as the environment, policy makers with the aim of environmental protection should also consider their effects on the resulting, generally decreased level of production.
In traditional opinions, environmental protection and economic growth are mutually contradictory. Economic growth is a high environmental cost, and protecting the environment will limit the economic growth. The reason of contradiction stems from the inappropriate understandings among development, economic growth and environmental protection. In fact, economic growth could have a harmonious relationship with environmental protection.
Countries strengths are measure by it politics, economic and social but beside this, environment change is needed in Malaysia for the better of the future development, educate and lead Malaysian to more value with the environment. While government should protecting and preserving the environment.
This research paper is about climate change with the concept of sustainable development, meaning that it will approach the climate change problem with an economical way and try to solve it with the new growth theory. New growth theory argues that innovations, population growth, new technology, and creative destruction are connected to each other and that these connections will solve the climate change problem. The exponential technology growth, improved international private rights and improved use of human capital are some of those key terms what the theory is all about. The most important thing towards the solution is human capital. Improved human capital will lead to a better efficiency of industry and therefore improve the environmental friendliness. Government plays as an important role even though the regulations of market are set in minimum. Government’s job is to create a good business atmosphere with attractive incentives. These incentives and good private property rights will help to achieve this business atmosphere and new innovations will come out. The biggest barrier for plan is the theory itself. An example of this is the neoliberal revolution in Argentina during 1989-1999 when Carlos Menem was the president of the country. His neoliberal and market liberal politics, which are one of the corner stones of new growth theory, achieved big victories in the start of 90s but when the economy started to slow down and the unemployment exploded the problems doubled up. To avoid this kind of market overheating, corporate leaders and politicians had to be liable for their decisions. If those people manage to be liable for markets, the markets will repair themselves and also the pr...
“Sustainable Development: At its heart, sustainable development is the simple idea of ensuring a good quality of life for everyone, now and for generations to come. It is about living within the carrying capacity of the environment so that how we live, work and enjoy leisure activities, which do not harm or put undue pressures on the environment. It is about ensuring everyone has the opportunity to have a decent education, a quality environment that they take pride in, good health and a decent job (n.p, 2014)”
In addition, after the 2011 Singapore general election, the government of Singapore has greatly changed its economic approach and it seems to be better for the economy of Singapore so far. On the other hand, measures have also been taken to cool down the property market which has constantly affected inflation rates, also tightened the foreign labour policies that constantly influence the labour market and unfold its impacts onto the Singapore’s economy as it comes back in one round. The unemployment rate in Singapore has been maintaining itself as being one of the lowest numbers in the world. The majority of Singapore’s labour force is well educated and highly skilled. Even primary education is a must for all citizens (Economywatch.com, 2010). In addition, for the year 2010, Singapore had the 8th largest current account balance in the world at US$49.454 billion. To conclude, Singapore has come so far from its sunken economy since independence in 1965 to become a booming and prosperous economy that it is