Become the mousedeer, not the tiger

IS Malaysia really reclaiming its place as an “Asian tiger”?

Technically, Malaysia was never one of the Asian tigers.

The moniker was given to Hong Kong, Singapore, South Korea and Taiwan, which saw exponential economic growth spurred by rapid industrialisation, export expansion and rising living standards as wages climbed.

This is not to say that the rapid growth and improving living standards Malaysia enjoyed from the 1970s through the 1990s – until the Asian financial crisis of 1997/1998 – count for nothing.

Nor does it discount the steady expansion of the past two years amid an increasingly volatile global environment.

The country appears to be on the right track as the government undertakes necessary reforms across the board, even as it grapples with a challenging domestic political landscape and geopolitical tensions affecting an economy deeply embedded in global supply chains.

But growth will not look like it once did, and the tendency to measure today’s prospects against past achievements may prove unrealistic.

Malaysia is currently in a sweet spot, and one simple indicator of confidence is the strength of the ringgit, supported by stable fundamentals, steady trade growth and rising investments.

Then there are the underlying strengths – first-rate infrastructure, industries geared towards advanced technologies, diversified exports and a strategic location.

Progress is evident, but for the momentum to continue, commitment to the initiatives introduced since 2023 must remain unwavering.

So, perhaps not an Asian tiger – but rather a more agile mousedeer, capable of navigating the dangerous jungles of geopolitics and global trade.