They said the blueprint, which includes plans for Malaysia to position itself as one of the 30 economic powerhouses of the world within the next 10 years, can be achieved with strong political will and buy-in from the government, private sector and rakyat.Economist Prof Dr Geoffrey Williams of the Malaysia University of Science and Technology said the Madani Economy framework is clear and different from previous approaches.
He said the important aspects of the framework are those focusing on the key elements of a successful economy, including competitiveness, ease of doing business and combating corruption. Socio-Economic Research Centre executive director Lee Heng Guie said the Madani Economy framework offered clarity on the country’s aims, broad strategies and enablers to achieve its aim, but the government has to build forward-looking macroeconomic narratives to convince Malaysians, domestic and foreign investors that Malaysia will rebuild for a better nation.
Lee added that the outlined strategies and initiatives were coherent to achieve the vision of building a better Malaysia through the restructuring of the economy, increasing economic growth and investment, restoring fiscal sustainability, good governance, ensuring inclusive growth, and generating quality and better-paying jobs.
“However, the 98-day paid maternity leave effective this year has made it difficult for SMEs to absorb the cost of doing business.To increase women’s and mothers’ participation in the workforce, Foo said comprehensive efforts are required, including legislative and regulatory measures as well as support programmes to encourage and assist them.
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