KUALA LUMPUR - While many seem to have the perception that Malaysia is in poor economic position at present, Prime Minister Najib Razak has actually led the nation towards some key achievements, according to a Huffington Post commentary.
The writer Rachael WIllis, an environmental risk consultant living in Singapore, wrote that figures show Malaysia has actually done quite well under Najib’s leadership.
“Malaysia will grow this year by a forecast of 5%, helped by having a current account surplus, a low unemployment rate of 3% and high levels of savings.
“Thanks to a multi-pronged investment programme, the country is still on track to reaching ‘high-income’ status by 2020, a feat only achieved by 13 nations since the 60s (out of 101 middle income countries).”
But, the writer noted that former Prime Minister Tun Dr Mahathir Mohamad has linked Malaysia’s “economic ails” to Najib’s refusal to step down.
“The value of the ringgit, for example, has plunged against the US dollar, at lows not seen since the Asian crash of the late 90s. Investor confidence is also at an all time low, with foreign investment into Malaysia falling by around 50% during the first half of 2015.
“However, this bleak picture has little to do with Najib’s handling of the economy – as Malaysia is still outperforming many of its neighbours – but rather with China’s recent slowdown. Why then is Dr Mahathir linking Malaysia’s finances to the banking scandal?”
Willis added: “On further scrutiny, all is far from being doom and gloom. Moody’s is still maintaining an A3 credit rating for the nation, a clear show of confidence in its ability to bounce back.
“Despite being an export-dependent country, Malaysia has significantly diversified its economy and seems well placed to weather the storm caused by the 1MDB allegations and the overall slump affecting emerging markets.”
Willis also said Malaysia has been one of the most innovative in the region, through a sustained push to fight climate change.
“Under Najib, much of this innovation has been focused upon improving renewable energy sources: especially that of solar energy.
“Arising directly from Najib’s economic policies and tax incentives aimed at promoting the solar energy industry, the country became the world’s fourth largest producer of solar panels in 2014.”
As to why Dr Mahathir seems to be so much against Najib, Willis postulated: “Reading between the lines one underlying issue arises: Malaysia’s widening involvement with the US.
“Under the former prime minister, Malaysia’s lot lay firmly with the Chinese. Dr Mahathir has always been highly critical of US foreign policy:
Willis noted that Dr Mahathir once said: “The US tends to have a finger in every country, and when they come in, there will be trouble…They wanted to come to Malaysia also, but during my time I rejected their approach.”
Explaining this viewpoint, Willis wrote: “It is often the most insular people who fear such mechanisms, who are unable to see beyond their immediate environment and into the global arena we all now inhabit.
“But Najib has been one of the few successes of Obama’s ‘pivot to Asia’, as he has steered his country closer to the US, eliciting much vitriol from the country’s traditional power base.
“Malaysia was a loud supporter of the TPP (Trans Pacific Partnership), even to the point of defying popular opinion.
“Traditional power sets do not like open market agreements with multiple or more powerful partners. Not only are their powers to trade to their own advantage weakened, but their practices are exposed to the eyes of the regulating bodies that always accompany agreements of this ilk.
“Whereas Najib is happy to move his nation forward into a mutually beneficial arrangement with the US, he is moving against the beliefs and creed of a political top brass whose mindset is still operating firmly in the 1950s.” - Therakyatpost
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