Political stability crucial for Malaysia to move forward, says Perak Sultan

Photo: Bernama

Kuala Lumpur: It may no longer be enough to rely on the same policy prescriptions that have served us in the past to penetrate the current turbulent global context, says Perak's Sultan Nazrin Shah.

"The most crucial precondition for Malaysia at the moment is political stability, without which we will be unable to move forward effectively.

"Political stability will allow our planners to focus more fully on the longer term, and put into place the policies and measures that are necessary, in turn, to build confidence among investors," he said.

He said this on Thursday (Jan 19) at Universiti Malaya (UM) here at the book launch of "Malaysia's Leap into the Future: The Building Blocks Towards Balanced Development" organised by the university's Asia-Europe Institute.

"This publication provides an in-depth examination of our current economic and social conditions, and of the new developments and elements we must embrace if Malaysia is to remain a progressive and vibrant country into the future," he said.

Sultan Nazrin said the country must find alternative means to prosper, bringing in fresh approaches such as that of the circular, "doughnut", or "mission" economy, to build economies that work for the planet as well as its inhabitants.

The book's editors are UM's professors of economics Prof Dr Rajah Rasiah, the late Prof Dr Cheong Kee Cheok and Tan Sri Dr Kamal Salih.

"This book will serve as a good companion to the captains of our country so that Malaysia can sail into the future with greater certainty towards balanced development," said Rasiah.

The book encompasses the future development of Malaysia, including topics like reducing poverty and income inequality, managing population and urbanization, promoting technological progress and education, improving finance and labour, protecting the environment, and providing good healthcare.

It also discusses the decline of the agricultural sector, Malaysia's economic growth compared to other countries in the region, and projections of population and demographic change; and how they relate to government policies.

It proposes using a needs-based approach instead of an ethnic-based one to build a more pluralistic society.