By Dr Chen Man Hin, DAP life advisor
The World Bank in its bi-annual report on East Asia and the the Pacific said that in view of the slow down in the economy in the years ahead, due to a massive world debit problem, the GDP of Malaysia would slow down to 4.6% this year and 5.1% in 2013.
He advised that Najib should stop fiddling with the economy with his multiple reforms which have not brought encouraging progress. He advised Najib strongly to implement structural reforms to bring about a strong recovery in the economy.
Structural reforms means that the New Economic Policy must be stopped and in its place, implement free market policies like those in Singapore, Hong Kong, S. Korea and Taiwan. A free market policy propelled the growth of the economies of these four ASIAN TIGERS, each of which have a per capita income of over US $20,000.
For Malaysia to have a high economy, the GDP must grow by at least 6% a year, which would make Malaysia a high economy nation by 2020.
Two months ago, Najib gave a glowing report and boasted that Malaysia had a per capita income of US$9,500, and would attain high economy status by year 2020. These predictions of Najib have been brushed aside by the World Bank.
Many a time before, the World Bank had repeatedly warned Najib to change and scrap the NEP in order to quicken and strengthen the Malaysian economy.
If Najib wants to improve the livelihood of the people, he should tarry no longer, but should immediately accept the advice of the World Bank.
For the sake of Malaysia and for the poor households living in towns and kampongs, Najib must listen this time.