KUALA LUMPUR: Malaysia needs to focus on strengthening its institutions for the country's development.
According to Khazanah Research Institute (KRI), Malaysia’s institutional strength has been declining in the past decade, and a reversal of this would require strengthening the country's institutions.
“Malaysia needs to look beyond economic growth,” KRI said in a statement today during the launch of its latest “State of Households” report here.
“Malaysia needs to focus on its institutions as they are a key component to the country's development,” the non-profit research outfit of Khazanah Nasional Bhd explained.
Meanwhile, KRI noted that while Malaysian households have prospered as the economy has diversified since independence, the question remained whether the country could further diversify its economy to ensure sustained growth in households incomes.
“As Malaysia heads towards the high-income country horizon, we need to focus on developing intensive knowledge-based economy, high quality human capital and modern infrastructure,” KRI said.
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