Economic policy implications for socio-economic development in a fast-growing economy: the case of Malaysia

Abstract

Abstract: We seek to study the link between economic policy changes and socio-economic development in Malaysia that has shown impressive growth over the years. The country has experienced significant policy changes since independence in 1957, but the main focus of promoting the native Malay ( Bumiputera ) interest remains. Currently Malaysia is classified by the World Bank as an ‘upper middle-income’ country and it aims at becoming a high-income, inclusive and sustainable economy as part of its Vision 2020. While the New Economic Policy, the New Development Policy, the National Vision Policy and the New Economic Model – all driving the country towards its Vision 2020, promoting Bumiputera interests directly or indirectly in today’s competitive world might be seen as an obstacle towards achieving the Vision, argued in the paper. Keywords: economic policy; socio-economic development; Bumiputera interests; Vision 2020. Reference to this paper should be made as follows: Bashar, O.K.M.R. and Khan, H. (2013) ‘Economic policy implications for socio-economic development in a fast-growing economy: the case of Malaysia’,