WE REFER to the article published in Nikkei Asia dated 6th of August titled “Malaysia’s economic growth model is on the brink of collapse” by Shankaran Nambiar.
While we acknowledge the opinion shared by the writer, we nevertheless, need to address several inaccuracies which give the impression of systemic failure by the Malaysian government in handling the COVID-19 pandemic.
Hence, the government has taken quick action to ensure that we maintain economic stability and growth as well as manage the country's largest public health crisis. By the end of July, 1.65 doses were administered per 100 persons which is significantly higher than the United States at its peak of 1.01 per 100 persons in April.
This was vital to minimise the disruptive effect on supply chains, considering the crucial role played by Malaysia in the global network. As a result of growing economic demand, Malaysia remains an attractive market for Foreign Direct Investment , with inflows increasing between 2019 and 2020. In contrast, Malaysia experienced a sharp decline between 2008 and 2009 following the subprime financial crisis.
Exports recorded the 10th consecutive month of year-on-year expansion since September 2020, registering a strong growth of 27.2% to RM105.47 billion. Furthermore, industry players are given hands-on experience on digitisation and emerging technologies, with the introduction of programmes such as the Digital Technology Acceleration Programme and the Digital Manufacturing Hub, including upskilling talent in new areas such as Industry 4.0 smart manufacturing.
In addition, Ministry of International Trade and Industry and the Malaysia Automotive, Robotics and IoT Institute have collaborated to phase out the 70,000-strong foreign workforce in the local vendor ecosystem, spearheaded by the local automotive industry. This is consistent with Malaysia’s declining trend of migrant labour employed from approximately 2.3 million in 2013 to 2 million in 2019.
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