Extract from book review of Ruchi Sharma’s “Breakout Nations: In pursuit of the next economic miracles” by John Loh published in StarBizWeek today
In his chapter on Malaysia, Sharma has a more stark prognosis.
“Malaysia’s economy slowed dramatically after the Asian crisis,” he writes, adding, “There is a widespread sense in Kuala Lumpur that the economy has been growing because of extensive government spending and fortunate circumstances rising global commodity prices have been a huge boost to its rubber and palm oil exports not from smart choices.”
The dramatic reforms taking place in Indonesia, Sharma argues, have “no parallel” in Malaysia, putting it at risk of sliding backward.
Malaysia, he points out, is the only Asian country where FDI is declining as at the last quarter of 2011, it was flowing out at a rate of 2.5% of GDP.
Sharma also tells SBW that the country is obsessed with central planning and grand schemes, but has often fallen short on execution.
“This is the biggest difference with other South-East Asian markets such as Indonesia: Malaysia has fallen off the investment map,” he writes.
“Malaysia needs to move on and rebuild the institutions damaged during the later stages of Mahathir’s rule. Nearly a decade after his retirement, Mahathir should not be casting such a long shadow on the country.”
In ten years’ time, Malaysia will have to export maids and construction workers to Indonesia unless there is a change of government.
Najib and Roti Jala beg to differ. Hundreds of billions of ringgit have ‘flowed’ into the country into our many Corridors and Iskander and Transformation programmes. Have these monies gone missing?
If Malaysians need 10 years to see their daughters and sisters become maids and the young men become coolies..no more factory workers….coolies for food to survive….then Malaysians are the stupidest and selfish people in the world…that can be fooled and fooled by con men…thieves and robbers….non stop.
Some Malaysians have already lost their minds…being hypnotized and will do anything for the devilish Govt.
It’s 13th GE to CHANGE or prepare to live in hell….where it becomes…the very rich paradise country and very poor hell life.
That’s how Cambodia and Vietnam was…and the countries moved forward.
Ours has always been a “tolerant” bunch of Malaysians…working towards freedom.
It’s a long long process and 13th GE should be it.
Chua Soi Lek said people have mouths and he has ears to listen and Sept is the month foe 13th GE.
He also said BN Chinese will vote for MCA.
Such good news for Najib.
Why is he not announcing the 13th GE date at all?
And our Home Minister with his big mouth will shout and defend a maid being bullied……but keep silent over secret documents sold off..threatening 28 million Malaysians…so said ex IGP….Mat Zain.
Falling off the investment map means there is still hope. But if this corrupt UMNO B/BN government retains power in the next GE, you can be certain Malaysia go bankrupt and disappear from the investment map, totally.
New broom sweeps clean. That’s precisely why we need a new broom.
Silly author. How dare he condemn umno the supreme people in the universe? Obviously he hasnt seen or tasted the migt of umno yet. Hoi, perkasa tunjuk kat dia backside you. Pegi kat rumah dia. Kasi gorang pisang kat sana! Pegi. Sekarang juga.