Open debate on New Economic Model (NEM)

By Dr Chen Man Hin, DAP life adviser

CALL FOR AN OPEN DEBATE ON THE NEW ECONOMIC MODEL AS IT IS A POLICY THAT WILL IMPACT ON THE ECONOMIC WELL BEING OF THE PEOPLE, AND AS SUCH THEY SHOULD HAVE THE RIGHT TO DISCUSS AND DEBATE ON THE NEW ECONOMIC MODEL BEFORE IT COULD BE IMPLEMENTED.

This is absolutely necessary as the New Economic Policy was pushed through parliament in 1971 without a full discussion by the people. Only the cabinet and government under the then prime minister were privy to the details, and it was rushed through parliament.

Implemented from 1971 until today, the aim was to restructure society, to rescue the Malays from poverty and to give them access to all strata of the economy.

Today, admittedly there are more middle class Malays, but the vast majority of them still live in grinding poverty, and many others still live below the poverty line where families subsist on RM1,500 a month.

The wealth which was supposed to be transferred to the Malay poor was hijacked midway by Umno cronies. They have become rich beyond their wildest dreams.

THE NEP OBSTRUCTED AND DESTROYED THE ENTREPRENEUR SPIRIT OF THE PEOPLE. FOREIGNERS AVOIDED INVESTING IN MALAYSIA. MANY SKILLED AND TALENTED MALAYSIANS MIGRATED TO GREENER PASTURES LIKE SINGAPORE, AUSTRALIA, CANADA AND THE STATES. THE GOVERNMENT HAS MADE THE PUBLIC ADMISSION THAT 300,000 MALAYSIANS LEFT THE SHORES OF THE COUNTRY IN 2008. THE GOVERNMENT ALSO ADMITTED THAT ONE DECADE OF ECONOMIC PROGRESS WAS LOST AFTER THE ASIA FINANCIAL CRISIS OF 1998.

PAKATAN RAKYAT HAS OPENLY CALLED FOR THE NEP TO BE SCRAPPED AND IN ITS PLACE IMPLEMENT THEIR MALAYSIAN ECONOMIC POLICY WHICH WILL PROVIDE THE PUSH FOR THE ECONOMY TO PROGRESS AND PROSPER.

Unfortunately there are signs that PM Najib Razak is weakening and submitting to pressure by UMNO and PERKASA (extreme Malay pressure group) to retain the racial concepts of the NEP. PM Najib is vacillating and hence he is postponing the launch of the New Economic Model.

Pakatan Rakyat urges the prime minister to stand firm and scrap the NEP policies, which has been shown with facts and figures to have caused the Malaysian economy to fall behind that of S Korea, Taiwan, Hong Kong, and Singapore

At independence, Malaya had the second highest per capita income in Asia, after Japan. After 1971, with the NEP, the GDP of Malaysia began falling behind that of the four Asian tigers Korea, Taiwan, Hong Kong and Singapore). In 2009, while GDP of Malaysia stood at US$8,000, S Korea and Taiwan rose to US$19,000, Hong Kong to $32,000 while Singapore to US$34,000.

The NEP caused Malaysia to lose four decades of economic progress and inflicted economic pain and loss on two generations of young Malaysians.

Prime Minister Najib Razak must wake up to the dangerous and retrogressive policies of Umno and Perkasa. Which will condemn Malaysians to a life of hardship due to low income and poverty.

PRIME MINISTER NAJIB SHOULD CALL FOR A NATIONAL CONFERENCE OF ECONOMISTS, ENTREPRENEURS, BUSINNESSMEN, BANKERS, SMALL AND MEDICUM ENTREPRENEURS, NGOS AND POLITICAL PARTIES TO DISCUSS AND AGREE ON A NEW BLUEPRINT FOR THE NEW ECONOMIC MODEL FOR MALAYSIA.