ALOR STAR – Meaningful economic growth can only be achieved with “buy-ins” from every civil servant, citizen and the private sector for the unity government’s reforms, Economy Minister Rafizi Ramli said.
He called for acceptance for the government’s plans to stop doing “business as usual”, citing commitments to stop bailing out stricken companies and replacing blanket subsidies with targeted assistance.
Other reforms include giving grants and soft loans instead of outright subsidies or handouts, Rafizi told the audience at a dialogue session on the mid-term review of the 12th Malaysia Plan for Kedah, here, today.
“We want people to know it is no longer business as usual. We want capacity-building so we can take Malaysia to the next level of economic growth.”
Other reforms include introducing a progressive salary scale for both the public and private sectors to ensure that the workers are able to cope with the rising living costs.
Malaysia also suffers from the inability to offer quality jobs to its graduates, Rafizi added.
He cited economic data from 2022, where 33% of the country’s graduates are employed in low to semi-skilled jobs which pay low wages.
Although the unemployment rate has dropped to 3.5% from higher levels during the Covid-19 pandemic, Rafizi said high-skilled jobs that offer good wages are still lacking.
“The country needs every citizen, from the private sector to the civil service, to ‘buy in’ on the reform agenda, as this will ensure that Malaysia can achieve a sustainable and meaningful economic growth despite threats of a possible global recession,” Rafizi said.
“We do not only want structural reforms; we want behavioural economic changes.
“There is a need to reboot our economy differently. The old ways no longer work,” Rafizi said.
Present at the dialogue session was Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor, state district officers, and members from civil society groups.
Rafizi, who is Pandan MP, also listed other challenges for the country, such as the weak ringgit, high unemployment among the young, and a drop in confidence among investors.
He called for wholesale change to correct the mistakes made in the past. – The Vibes, July 9, 2023
