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Introduction :
Introduction In the colonial period, Malaya was involved in production and processing of rubber and tin for export in return for imports of essential food and manufactured goods. In the year of independence (1957-1960), the economy was still heavily dependent on rubber and tin exports. Attempt to industrialize (1960s) was started with the implementation of import-substitution policy , which was quite unsuccessful.
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New Economy Policy (NEP) was introduced in 1970. it was a long term policy (1970-1990 =20 years) of reviving the Bumiputera as well as non- Bumiputera share of economic cake. During NEP (1970-1990), the government embarked on the export-oriented strategy as a double-edged sword for achieving economic growth and equity. During the implementation of export-oriented strategy, the government introduced new dimensions, namely; -The Look East policy, and - Malaysian Incorporated policy.
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In 1991, National Development Policy (NDP) was introduced to replace NEP. Vision 2020 was also introduced in 1991. it is a long term vision (1991-2020=30 years) containing broad policy directions encompassing various dimensions, i.e. -economically -politically -psychologically -spiritually -culturally. In summary, Malaysias key to economic success of the 1970s through the 1990s were; -Basic policy framework, & -Industrialization strategies.
CONT:
CONT The economic framework was introduced to establish a progressive, prosperous, and united nation of Malaysia. The core thrust of all policies implemented in Malaysia is the ultimate goal of the national unity.
Background NEP:
Background NEP The Malaysian New Economic Policy (NEP) or (DEB) for Dasar Ekonomi Baru in Malay was an ambitious & controversial socio-economic restructuring affirmative action program launched by the Malaysian government under the second Prime Minister Tun Abdul Razak Dato Hussein. New Economy Policy (NEP) was introduced in 1970. The NEP was hailed in some quarters as having reduced the socioeconomic disparity between Chinese minority & Malay majority
CONT:
CONT The NEP targeted a 30% share of the economy for the Bumiputera , but according to official government statistics, the NEP did not succeed reaching this target. NEP ended in 1990
NEP:
Establishment of new growth centers The modernization of rural life Rapid & balanced development of urban activities Provision of a wide range of social especially designed to raise the living standards of the low income group Raising productivity & income of those in low productivity occupation Expansion of opportunity for inter- sectoral movement from low productivity to higher productivity activity The creation of a Malay commercial & industrial community in all categories & at all levels of operation NEP
Strategy NEP:
Eradicating poverty by raising income levels and increasing employment opportunities for all Malaysians Accelerating the process of restructuring Malaysia society to correct economic imbalance, to reduce & eventually eliminate the identification of race with economic function, and to ensure that Malay & other indigenous people will become full partners in all aspects of the economic life of the nation. Strategy NEP First Second
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Third Malaysia Plan (1976-1980) Second Malaysia Plan (1971-1975) Fourth Malaysia Plan (1981-1985) Fifth Malaysia Plan (1986-1990) I mplementation NEP
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Increase employment opportunities -rapid economic growth; creation of job, from 3.4 million in 1970 to 6.7 million in 1990. -the unemployment rate dropped from 7.7% in 1970 to 5.1% in 1990 Change of economic structure -from agriculture to manufacturing sector. -the transformation had enabled more Bumiputera work in more productive sector of economy (secondary & tertiary sector)
National Vision Policy (NVP) Was an extension of the NDP (1991-2000) and covers the 8 th and 9 th MP. Also the second phase of Vision 2020 Objective : same as NDP i.e. national unity. The aims of NVP is to establish a united, progressive and prosperous Bangsa Malaysia that lives in harmony and engages in full and fair partnership Was launched with a focus on building a resilient and competitive nation Incorporates the past key strategies of eradicating poverty irrespective of race, restructuring society and pursuing balanced development .
Vision 2020:
Vision 2020 Introduced in February 1991 Aims to achieve the status of a developed country that is distinctive and molded according to its own features without following: Developed not only in the economic sense but it must be fully developed along all dimension: -Economically -Spiritually -Politically -Technologically -Socially -Culturally
Vision 2020:
United Malaysia objectives Just and caring society Mature democratic society Sustainable development Fully competitive, dynamic, and resilient economy Entrepreneurial Vision 2020
Vision 2020:
Vision 2020 Strategy : Total Development ; development which covers economics, politics social, spirituals psychologies and cultures. challenges: To establish a united Malaysian nation with a sense of common and shared destiny To create psychologically liberated, secure and developed Malaysian Society To foster and develop a mature democratic society To establish a fully moral and ethical society To establish a matured, liberal and tolerant society To establish a scientific and progressive society To establish a fully caring society and caring culture to ensure an economically just society To establish a prosperous society, with an economy that is fully competitive, dynamic, robust and resilient. 9
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2. They can accelerate this process by progressively selling their stakes and shares in Malaysian companies to B umiputera firms and individuals. The money from these sales can be invested in other overseas markets . The net effect of these combined actions will reduce the percentage of the Malaysian economy held by the Chinese. The B umiputera's percentage will increase, and the 30% will be achieved in no time. Statistically, the NEP's target would have been achieved. The Bumiputeras will be happy at having achieved the 30 percent. The Chinese will be happy because they can still continue to prosper. As for the Indians, hopefully they will also be happy and prosper and not continue to be a victim of the NEP. The above is intended to make one think about the pointlessness of talking about percentages with reference to the NEP as opposed to the value of leveraging on all Malaysians' capabilities and competencies besides helping all those who really need help, regardless of race or religion.