Malaysia Needs More Innovation with Liberal Mindsets to Bring Economic Reform
Malaysia is now on a faster innovative economic reform to become a good competitor in Asia. Singapore was a part of Malaysia but this country was isolated from Malaysian territory way back to 1965. Lee Kuan Yew appeared as the first prime minister to rule Singapore. Today, Singapore is one of the strong and sophisticated nations with excellent financial condition. Malaysia is going for overall economic reform inventing new theories to increase GDP rate emulating the path designed by Singaporean economists.
Singapore Opts for Meritocracy – Malaysia Sticks to Conventional Nepotism
The early trend after the post independence of Singapore was not favorable Lee Kuan. He faced a stormy recession wit poor economy. He watched that the GDP growth slowed down to damage the nation severely. He called urgent meeting and conventions to reset new economic reform plans for accelerating the process of growth in the domestic industry. Singapore had no resourceful areas to grow productive crops and establish big industry in the beginning. Even Kuan was forced to sign the contract with neighboring state to borrow water for irrigation, and domestic purposes. However, the situation rolled forward with vision for more improvement in financial sectors. Meritocracy was opted for by Kuan to speed up the country’s economic development from the root. However, Malaysia was not able to recover its financial position. It was lagging behind Singapore because of the lack of talented personnel, political disturbance and brain drain tendency. Malaysian government didn’t adopt the successful theories given by Singapore. It didn’t stop the trend of brain drain. Malaysian toppers made ventures to go to Singapore for better placements. They have big opportunities to earn thousand dollars with all sorts of amenities to start standard lifestyles. Malaysian government couldn’t prevent the talent exporting process which brought a caustic blow to the national economy of Malaysia. Singapore is running fast with a number of remarkable recession resistance plans and reforms to upgrade the status of citizens in the country. Singapore has controlled corruption by punishing the accused. It experienced a renewed reinforced economic structure with durability. The industry which is crafted is productive. Same time, the international investment takes place quickly to replace the previous snapshot by offering resilient mechanisms to strengthen up the economy. On the contrary, Malaysia has not shrugged off the connection with corruption, ethnic differences, racism, and nepotism. Government of Malaysia is not tough to handle criminals. Therefore, this Asian country has the average economic status.
Economic Growth in Malaysia Hampered due to Ethnic Differences and Sycophancy
Reviewed stat reports indicate that Malaysia had calculated $335 per capita in 1965 whereas Singapore estimated $512 per individual. When Singapore launched effective pre-emptive risk management plans to safeguard economy by selecting the theory of meritocracy, intelligentsia society in Malaysia preferred the sycophancy to facilitate Muslim majority neglecting other sects like Chinese citizens. So, the racism and ethnic conflict took shape slowly. In between, the economic transformation program was introduced later in Malaysia. However, the government could not prioritize the significance of keeping the talent back to utilize for growth. Competent people and scholars decide to leave Malaysia to have sound jobs in Singapore and other foreign countries. New government is not upgrade with flawless administration to reduce the crime and tension. Internal infighting and insurgency are paralyzing the development network. Unemployment inMalaysiais a seriousissue andpeople have to be trainedhow to build up themselvestowork ininnovativedigitalenvironment . 2013 economic survey report has confirmed the recorded $62,400 GDP per capita in Singapore. Comparatively, Malaysian GDP has been pegged at around $17,500 per capita. Singapore has designed an open market to power the domestic industries. The average income of people in Singapore soared up. If you monitor the index of GDP growth of Malaysia, it must enable you to have had a dramatic experience. Malaysian economy is affected by nepotism. Religious minority groups are not favored in Malaysia. This lopsided mindset is not healthy for Malaysian people to have stronger economy to boast. In 2000, the talent diaspora in Malaysia skyrocketed by 46 percent. It is irresistible as more Malaysians flee to neighboring nations for relocation. So manpower is abused in Malaysia.
Malaysia needs to break the conventional framework ignoring mistrust, hypocrisy and self-centeredness. Religious tolerance solves the long standing conflict. Malaysian higher authority must resist the boot licking and honor the talented people who have something to decorate the country. Eventually, Malaysian political leaders should be united to enhance the productive project implementation.