KUALA LUMPUR: Dr Mahathir Mohamad is not convinced by his protege Prime Minister Najib Tun Razak's New Economic Model (NEM).
The former premier said the economic blueprint contains numerous "unsuitable and imprecise" elements.
An imprecise economic model, he said, will not yield benefits.
Speaking at the Malay entrepreneurs convention at the Putra World Trade Centre here today, Mahathir stressed the importance of striking an economic balance between the races.
“This country has various races; if economic balance is not achieved between them, then there will be no unity,” he warned.
With his trademark sarcasm, the 84-year-old statesman also asked if the NEM was properly reasearched before being unveiled by Najib.
Mahathir said that Malay non-governmental organisations have also expressed concern over the new model, wondering if it will be profitable to the race.
“I was given the opportunity to research the NEM. There is little difference between the NEM and the New Economic Policy (NEP),” he added.
The former premier said he has submitted a memorandum on this matter and was told that it was read by the Cabinet.
NEP is not a stumbling block
Mahathir also disagreed with the view that the NEP is a stumbling block to the nation's progress.
He said when the NEP was implemented, the nation recorded an economic growth of more than 8% for 10 consecutive years (from 1987 to 1997).
“Our target was only 7% (economic growth) for 30 years, and we would have become a developed nation,” he added.
Mahathir claimed that the NEP, which critics said has been abused by the elites, was also profitable for the non-Malays.
The octogenarian's comments come hot on the heels of a Bernama report, which quoted analysts giving Najib's policies the thumbs-up.
The Malaysian economy recorded a growth of 10.1% in the first quarter of 2010, its highest quarterly growth in 10 years. The last time Malaysia charted quarterly growth as high was in 2000 when it hit 11.7%.
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