The NEP: Now Everyone Prospers!

 We are a country with so much potential but constrained by political shenanigans of previous era. Why has Malaysia not met its full potential? Why has its development trajectory not led to the desired economic and social outcomes? And why is there a widely held belief that the country is somehow unable to change course for the better?

Malaysia has reached a critical juncture in its development: mounting pressures from within its own borders have been further exacerbated by Covid-19 and challenges associated with existential threats. These factors are compounded by widely acknowledged recognition of weak political leadership, insensitivity to the needs of the people and active engagement in exploiting the differences between classes and ethnic communities. Systemic corruption, weakening of institutions,  institutionalised racism and a neglected education system, you will have most of the answers.

With the polls, we can no longer shy away from the root causes of the deep economic and cultural challenges faced. We have to acknowledge how rent-seeking behaviour dominates an economy. The state lacks the institutional capacity and arguably the political will to reduce that. 

This is what basically the Global Institute For Tomorrow (GIT), an independent pan-Asian think tank explored.

The nation needs a new narrative – an NEP that is suited for the challenges of the 21st century. Now is the time for a much-needed national reset, including a rare opportunity to redesign our society. Thus, across five key pillars, the GIT report provides a fresh and bold national development manifesto to help Malaysia adapt to a new post-Covid-19 world, given the lessons the world should have learnt from the pain caused by the pandemic.

These are as follows:

• Reshaping Malaysia’s Economic Fundamentals: Valuing People and Environment – transitioning away from a focus on traditional indicators of development and economic growth, namely relentless overconsumption and unsustainable levels of debt creation, enabled by under-pricing resources and externalising true costs onto society and the environment. Instead, forging long-term economic health by revaluing Malaysia’s social and natural capital and building a society in which all citizens are equal, with a high quality of life measured by responsible citizenship, meaningful work for all, as well as wellness and health, not just gross domestic product (GDP) or income per capita.

• Prioritising Self-Sufficiency: Building True Resilience – recognising that the dominant pan-economic practice of exporting Malaysia’s resources (food, water, minerals, oil) and importing resulting deficiencies at high cost is not a sustainable model. Instead, the nation should nurture self-sufficiency without sacrificing competitiveness.

• Creating Shared Prosperity for All: Calling time on rent-seeking and race-based policies. Reinvigorating the government’s goal as providing means for gainful employment (both formal and informal) and quality of life improvements for all.

• GLC and GLIC Reform: From the Ashes of Business-as-Usual – altering the role of GLCs by realigning their mandates, including socio-economic objectives for the betterment of all Malaysian citizens. Tackling governance issues related to leadership and political appointees will be a key element.

• Education as a Right, not a Privilege: The Malaysians of Tomorrow – addressing the systemic discrimination that occurs in Malaysia’s education system, particularly at the tertiary level.

Now Everyone Prospers seeks to reshape modern Malaysia, helping the nation equip itself for the complexities of the 21st century and to secure its future. It is the bridge between what Malaysia is capable of and where it stands today.

The five pillars serve as an ambitious new manifesto to help political parties and their leaders offer a viable and much-needed pathway to long-overdue reform. Many of these issues are deeply entrenched in the country’s economic, political, societal and cultural systems. The need is urgent and the hard work of putting the country on a new trajectory must start now.

To put into action the recommendations of Now Everyone Prospers, the first step is to acknowledge the problems facing the country. However, decision-makers can no longer afford to ignore the elephant in the room; the risk of leaving them unaired only perpetuates the status quo and leads to national stagnation.

Second is to unlearn conventional wisdom with regard to the methods used to resolve the country’s crises. This means thinking beyond readymade solutions to economic and social challenges. Instead start reworking solutions to fit the Malaysian condition and the new era of existential threats and resource constraints.

There are no wholesale models to borrow from elsewhere. Malaysia could lead the charge in Asean if it is able to cut itself free from the crippling effects of its current malaise. Whichever economic or social approaches are pursued, they must be aligned with the cultural nuances of Malaysian society.

Finally, for everyone to prosper, a genuine commitment to transformation from leaders in government, the institutions of the state, and businesses on the forefront of seeking change. They will work to enact structural reform in Malaysia’s key public and private institutions. 

In coming together this way, “Malaysia Boleh” will no longer be a trite. It will be repurposed and reclaimed as a statement of pride, because together, we can forge a Malaysia in which Now Everyone Prospers and Not Elites Progress!

Reference:

Now everyone prospers-the NEP Malaysia needs, Chandran Nair, FMT, November 4, 2022