PRIME Minister Datuk Seri Anwar Ibrahim must learn from the mistakes of his predecessors so he can have a better hold of the economy.
As recent as the mitigating the pandemic to previous oversights in dealing with either a regional or global economic crises, Anwar as the 10th prime minister, needs the right formula to drive the country forward both decisively and progressively, said senior economist Dr Shankaran Nambiar.
The former Malaysian Institute of Economic Research (MIER) senior fellow said that beyond learning from mistakes, it is time for Anwar to have a solid reformation plan to steer the country in the right direction.
"The pillars of this plan should be transparency, good governance and the rule of law," he said.
"The primary basis of selection should be efficiency and productivity, not personal relationships."
Nambiar, was a senior research fellow at MIER and has written several books on the national economy.
The latest is "Regaining Control of the Malaysian Economic Policy During Covid and Beyond," which was published by Gerakbudaya.
In the 130-page book, Nambiar focused on analysis and critique of the Malaysian economic policy during the pandemic and beyond, particularly under the eighth Prime Minister Tan Sri Muhyiddin Yassin’s administration.
He wrote 41 essays which cover the pandemic's economic impact, lessons learned, policy options and dilemmas, regional concerns (especially regarding China), before also dwelling on Anwar's New Recovery Plan.
Key themes in the book touched on the need for revised approaches to social safety nets, food security, small medium enterprises support, and public health; the impact of political instability on economic policy; Malaysia's relationship with China; and the challenges facing Anwar's government.
According to Nambiar, some of the mega projects that Anwar has had to deal with are projects that were decided upon by previous administrations.
While acknowledging the limitations imposed by inheriting projects from previous leaderships, Nambiar suggests that Anwar's government has not been fully tested yet.
Nambiar also said that the Madani framework has strong philosophical underpinnings.
"We see it as being based on Rawlsian and Senian notions of justice and distribution.
"If fully articulated, we can expect the flowering of capabilities, greater social empowerment and an economic system that does not deprive the least advantage of the opportunity to participate," - March 12, 2025.
