More than one million Malaysians live abroad, the World Bank said, adding that policies favouring Malays are holding back the economy, causing a brain drain and limiting foreign investment.
In a Bloomberg news service report today, World Bank senior economist Philip Schellekens was also quoted as saying that foreign investment could be five times the current levels if the country had Singapore’s talent base.
“Migration is very much an ethnic phenomenon in Malaysia, mostly Chinese but also Indian,” Schellekens (picture) told Bloomberg in Kuala Lumpur on Tuesday ahead of the report’s release today.
Governance issues and lack of meritocracy are “fundamental constraints” to Malaysia’s expansion because “competition is what drives innovation,” he said.
Malaysia’s growth fell to an average 4.6 per cent a year in the past decade, from 7.2 per cent the previous period.
Singapore, which quit Malaysia in 1965, expanded 5.7 per cent in the past decade and has attracted more than half of its neighbour’s overseas citizens, according to the World Bank.
Malaysia has in recent years unveiled plans to improve skills and attract higher value-added industries.
The World Bank conducted an online survey in February of 200 Malaysians living abroad in conjunction with the Kennedy School of Government at Harvard University.
They cited better career prospects, social injustice and higher wages as their main reasons for leaving, the Washington-based lender said in the Bloomberg report.
Singapore has absorbed 57 per cent of Malaysia’s overseas citizens, with almost 90 per cent of those crossing the border ethnic Chinese, the World Bank said.
“They need to boost productivity and strengthen inclusiveness.”
Prime Minister Datuk Seri Najib Razak has pledged to roll back the country’s NEP-style policies but he also told the Umno assembly last year that the government’s social contract of providing benefits to Bumiputeras cannot be repealed.
According to the Bloomberg report, Najib has eased some rules to woo funds, including scrapping a requirement that foreign companies investing in Malaysia and locally listed businesses set aside 30 per cent of their Malaysian equity for indigenous investors. Last year, he unveiled an economic transformation programme under which the government identified US$444 billion (RM1.3 trillion) of projects from mass rail transit to nuclear power that it would promote in the current decade.
“If everything is implemented as they say, Malaysia is going to be a star economy,” Schellekens told Bloomberg. “The problem is implementation.” Source here
For the Full WorldBank analysis go here
In real life monkey deals with WorldBank and the IMF regularly on behalf of a G20 Country.....I know how they operate....and in many face to face Senior Policy level meetings monkey have sent them back to the drawing board with their tail in between their legs.......
I shall begin today based on my own experiences being part of the Malaysia Diaspora....
Malaysia! You pay peanuts you get MONKEYS.....
To illustrate the magnitude of the issue refer below.......
Malaysia preferred quantity rather than quality.
ReplyDeleteThat is how the umno government by increasing their illegal immigrants population import them from the neighboring country majority are muslims in order to outnumber the Sabah native whom majority are christian.
How pathetic and evil of the umno government?
UMNO must be dumped in the coming GE in Sabah and they bring more harms than good to Sabahans.
Apa boleh buat, hampir semua orang yang berkaliber sudah berhijrah ramai-ramai.
ReplyDeleteSingapura bukan saja menerima rakyat Malaysia yang berupaya ke dalam universiti mereka tapi juga menawarkan biasiswa kepada mereka yang layak. Lepas habis sekolah, gaji yang ditawarkan bukan main tinggi berbanding di sini. Buat apa mereka nak balik?
ReplyDeleteWhat's the government going to do about it?
ReplyDeleteThe government will need to do something to attract malaysians back to malaysia.
ReplyDeleteTanam jagung, dapat jagung. Tanam pisang, dapat pisang.
ReplyDeleteharap kerajaan akan dapat menarik minat warga Malaysia yang berada di luar negara untuk kembali ke Malaysia.
ReplyDeleteselain itu, harap negara akan terus mengalami pembangunan yang rancak.
ReplyDeletekerajaan malaysia kena wujudkan poisi yang dpt menarik rakyat Malaysia yang berkemahiran untuk beekrja di malaysia.
ReplyDeletesituasi brain drain ini memberi impak yang negatif kepada negara jika semakin ramai golongan profesional Malaysia yang berhijrah dan berkhidmat di luar negara.
ReplyDeletepunca perpindahan penduduk Malaysia ke negara lain harus dikenalpasti agar langkah yang lebih efektif dapat diambil untuk membawa rakyat balik ke Malaysia.
ReplyDeleteShana, dah terang masih nak bersuluh.?
ReplyDeleteperkara ini dahpun berlarutan berpuluh tahun. warga malaysia golongan profisional dan pekerja mahir berhijrah beramai-ramai setiap tahun. kebanyakanya dalam bidang kedoktoran, kejuruteraan dan pekerja mahir dlm bidang minyak dan gas serta kejururawatan. belum termasuk yg berkerja dlm sektor buruh separa mahir dan buruh kasar.
langkah efektif apa lg yg mak dicari? kecuali ada 'political willingness'. bermaksud, mereformasikan kerajaan bukan sekadar mentransformasikan. reformasi=tukar semua termasik policy yg dah lapuk dan karut serta pemimpin2 kerepot yg duduk atas kerusi ampuk kerajaan sekarang. kalau sekadar transformasi tapi tak buang yg kolot dan tua bangka, kita tak akan mungkin mengubah apa yg ada sekarang.
Di Sabah, UMNO pun tidak boleh kasih kerja sama kuncu2 @Pendatang haram mereka yang sudah dapat MYKAD, apa lagi anak Sabah tulin?
ReplyDeleteBila umno dihalau keluar Sabah, saya yakin hampir 99.9% masalah di Sabah akan selesai.
jika pekerja yang berkemahiran ini bekerja di Malaysia, pasti ia dpt memmajukan lagi negara kta. harap mereka akan berkhidmat untuk negara.
ReplyDeleteInilah kebenarannya.
ReplyDeleteInilah keberanian pemimpin Singapura dalam pentadbiran..
ReplyDeletehanya melalui survey online dengan menanya pendapat 200 rakyat Malaysia yang bekerja di luar negara tidak cukup menggambarkan realiti sebenar di negara ini dan tidak cukup untuk mempertikaikan dasar2 kerajaan negara ini.
ReplyDeletesemasa dasar DEB dilancarkan pada tahun 1970 hingga 1990 dan dasar pasca DEB dari 1990 hingga 1998, Malaysia telah mengalami pertumbuhan ekonomi secara pesat sekitar average 8%. Adakah DEB punca pertumbuhan ekonomi Malaysia berkembang naik secara konsisten?
pelaburan langsung asing ke Malaysia telah meningkat kepada AS$9 bilion pada tahun lepas daripada AS$1.4 bilion pada 2009... inipun peningkatan juga ni..
ReplyDeleteBecos of NEP, malaysia failed its citizens especially the malays who were too dependent of govt handouts and favoritism.
ReplyDeletethere is no meritocracy in malaysia but kulitocracy! that is why it failed.
ReplyDeleteMelangkah ke hadapan
ReplyDeleteAkaun-akaun dana disatukan untuk 2011 bagi kerajaan-kerajaan negeri Sabah dan Sarawak adalah yang paling tinggi dalam kalangan negeri-negeri, iaitu RM18.5 bilion untuk Sarawak dan RM2.66 bilion untuk Sabah. Selangor jatuh di tempat ketiga dengan RM1.94 bilion sementara Pulau Pinang pula pada tempat keempat dengan RM1.13 bilion.
Sekiranya kita melihat kepada statistik pendapatan negeri untuk tahun 2011, Sarawak menduduki tempat pertama dengan RM6.6 bilion, diikuti oleh Sabah pada tempat kedua dengan RM4.4 bilion, Selangor di tempat keempat dengan RM1.6 bilion dan Pulaiu Pinang di tempat ketujuh dengan RM602 juta.