Malaysia Can Reach South Korea's Developed Nation Status In 5 to 8 Years Time, Think Tank Says

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It's imaginable for Malaysia to scope South Korea's level of improvement successful the coming 5 to 8 years, EMIR Research says.

The autarkic deliberation vessel believes the cardinal to Malaysia's economical prowess lies with its abundance of earthy resources and energy. Coupled with Malaysian Prime Minister Anwar Ibrahim's MADANI Economy framework, the imagination of becoming arsenic palmy arsenic South Korea is possible.

According to EMIR Research President and CEO Dr Rais Hussin, South Korea drastically altered its people successful the 1960s done strategical economical policies governing innovation, precocious income, and technology. This led the federation to go a developed nation.

"If we look astatine companies similar Samsung successful South Korea, for instance, they person 50,000 PhD holders who are researchers, the highest fig successful the world. This shows that they started their efforts a agelong clip agone (in the 1960s)," helium said connected Bernama TV's 'Apa Khabar Malaysia' (What's Up Malaysia) program.

"That's wherefore we request to travel successful South Korea's footsteps, including successful presumption of progressive and minimum wages, truthful that we tin clasp exceptional endowment and code the nationalist encephalon drain concern wherever professionals immigrate overseas for amended salaries," helium added.

The unity authorities nether Anwar, Rais explained, is focused connected economical improvement and assisting the mediocre and marginalized on with micro, small, and medium-sized entrepreneurs.

"If we observe, the government, done Economic Minister Rafizi Ramli, has besides emphasized operational solutions to amended the people's surviving standards, including expanding the percent of idiosyncratic income to 45 percent from the existent 35 percent."

"Unlike erstwhile governments that often highlighted mega projects, large-scale projects without knowing what the result would bring... sure, the GDP increases, but does that information of the GDP instrumentality to the radical oregon not? We don't spot that portion happening," Rais said.

Rais is optimistic that nether the MADANI Economy framework, unneurotic with beardown governmental willpower, cautious absorption of the country's finances, and trustworthy governance, Malaysia volition beryllium a overmuch amended mentation of itself than it is today.

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Cover representation sourced from New Straits Times.