Summary of New Economic Model

Current per capita annual income US $7,000 equal to ARMS, 100 and through this model goernment want to advance per capita annual Income to CUSS 5000 equal to ARMS, 500. Second principle which Is commitment to sustainability non only In the country s economic activities but also the collision of economic development on the country s environment and precious earthy resources. The third principle which is inclusiveness was a key prerequisite for fostering a sense of belonging and engagement in the New Economic Model. No one was left bring out in intriguing and sharing the mental hospital of wealth of our country.All Malaysian must contributed and benefited from economic growth must be a fundamental element of any new economic approach. Dates serial publication Nasal Tune Raze express that to build a real prosperous Malaysian must be open to change. The hands forget narrow the gap between those In the bottom 40% of socio-economic photographic plate and others within a reasonab le time frame. It Is to help the lowest-income group to believe advantage of the opportunities to secure break down jobs, raise productivity and dabble in entrepreneurial ventures and other economic activities that lead boost their income.The benefit of a laid-back income economy include higher purchasing power and better reference of life, encompassing among others, tonicity healthcare and social support. Means that with high wages can attract people to purchase more and it will lead and move our economic growth. Public will have opportunity to access the Jobs, contracts and license based on merit and effort. It will stretch blabs and discrimination among others. Besides that, Dates serial Ninja has set out timeline for the rolling out the New as followBetween instantly and June, feedback, comments and suggestion would be collected by National Economic Advisory Council ( uterine cervix) secretariat and submitted to the anchor Minister office. On June 2010, Ninja is expec ted to disclose the 10th Malaysia Plan and how the MEN together with any possible modifications fits into the overall programmer. Based on this, NECK would whence move into the second phase of its work where the council will then draw up the implementation process. The budget in October will subdue the first year of the 10th Malaysia Plan and continued implementation MEN.Dates Series Ninja was highlighted 8 strategies in New Economic Model which are Re-energize the head-to-head sector to lead growth, developing a quality workforce and trim down dependency on foreign labor, creating a competitive domestic economy, strengthen the public sector, putting in place transparent and market-friendly affirmative follow out, structure knowledge based infrastructure, enhancing the sources of growth and ensuring sustainability of growth. Based on comment from mackintosh Presidents, Dates Series Dry. Chug OSI Leek, he expressed that the renewed the affirmative action would be merit and nee d-based, transparent ND market friendly.Besides that, he said that quality fosterage and enhancing the skills of Malaysian were important components to add the value to the confused sectors of the countrys economy. New sources of revenue needed to be developed of our countries to achieved high income shape and catch up with countries like South Korea and China. Living environment, security, access to quality education and transparent government policies were important considerations. Based on field of study by NECK, they identified 4 strengths that Malaysia could build on to move forward.The four strengths are the country s good infrastructure includes extensive web of roads connecting air and sea ports, sanitation and communication. Strong manufacturing sector and Malaysia s position as a world class manufacturer contributed over 30% of national output by sass. Electrical and electronics made up the bulk of the manufacturing sector and related supply, logistic and service ind ustries. Malaysia strategic billet in the heart of a vibrant region and its cultural, ethnic and biologic diversity and high growth of region was another factor in attracting investment to build transportation and logistics hubs.Diversity of culture, ethnicity, languages and religions like Malay, Chinese, Indian, Melange, Biddys, Islam, Christian, Buddha, and Hindu enabled a nine to leverage the best of each groups intrinsic skills and traits for the good of the society as a whole. The rich and unique relationships in many countries. The problem of Malaysia now is currently stuck in a middle income trap. Without new niches and strategic crystallize plans, many countries have been unable to break out of the middle income categories. another(prenominal) weakness is the governments controlled rebellion systems and subsidies which resulted in resource misapplications.Prices are constantly rising and making subsidies and price controlled can increased the cost of government. About 5 0% of talented Malaysian live and work outside the country and their education up to tertiary level. As a conclusion, Malaysia now move out front to high capacity of income with MEN and all Malaysian should contributed in show to enhance and moving up our economic growth. We must work together to ensure our next generation will get the better quality of life. Muhammad Azure bin Abdul Wabash email&160protected Com