TWO weeks ago, The Star covered my keynote presentation on how Malaysia is no longer stuck in the middle income trap. This sparked a degree of scepticism from the public, some citing areas in which Malaysia is currently falling short. They are not wrong, but they are not completely right either.
In overcoming the whiplash from the 2008 Global Financial Crisis, Malaysia was faced with three key problems. Firstly, our government debt rose by 12% of gross domestic product (GDP) per annum. Secondly, our fiscal deficit stood at 6.6% of GDP. Thirdly, Malaysia has been caught in the middle income trap – as defined by the IMF and World Bank – since 1992.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
