PETALING JAYA: "Band aid solutions" and "stop gap measures" to help to spur growth in the economy and stop poverty will not work in the long run, says the Institute of Strategic Analysis and Policy Research (Insap).
"Raising productivity and living standards in the long run needs to be a key priority in spearheading growth and transformation. This begins with education reform in ensuring optimal human capital development.
"In addition, we need to return to the core of the 1st strategy of the New Economic Policy which is to eradicate poverty for all Malaysians irrespective of ethnicity. This includes upholding a needs-based approach when it comes to poverty eradication," it said in a statement issued on Thursday (Sept 12).
The topics were broached on Thursday during the "Bipartisan Budget 2020 Roundtable Dialogue" organised by Insap and think-tank body Bait AlAmanah (House of Trusts).
The dialogue was conducted amongst various parties, NGOs and entities.
"Moving towards 2030, there needs to be a strategic push towards technological advancement and a greater emphasis on research and development to propel the economy forward.
"Improvement in infrastructure including logistics and internet connectivity among others is crucial to boost productivity and support economic expansion.
"With a strong desire to create the right economic environment for Malaysia to prosper and grow, we hope that the proposals put forth will be taken into consideration for a more holistic and innovative Budget 2020," it said.
Insap is a think tank focusing on political-economic research. Bait Al Amanah is described as an independent research institute that conducts studies and analysis on issues of national importance.
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