Proposed scholarly research agenda for transforming Malaysia into a model developing nation

Abstract

PurposeThe purpose of this paper is to examine the dynamics of Malaysia's new economic model (NEM) formulated to achieve Malaysia's aspiration to become a high‐income nation by 2020. Based on that analysis, the paper seeks to identify areas of research that could profitably be pursued to further the aims and implementation of the NEM. Such identification of research areas would ensure that research and development efforts are aligned to the accomplishment of national growth objectives in tune with the nation's Vision 2020 as well as spearhead development in other developing countries that wish to emulate Malaysia's model.Design/methodology/approachThe paper adopts a combination of descriptive and analytical methods. Interviews with selected high‐level officials directly involved in the formulation and implementation of the NEM and secondary data and information inform this study.FindingsAlthough Malaysia has done well in socio‐economic development, it is now striving hard to get out of the middle‐income trap to become a high‐income nation by 2020. The paper identifies a scholarly research agenda that will find solutions to the many challenges that Malaysia and other developing countries confront in breaking out of the middle‐income trap.Practical implicationsPractitioners will obtain a better appreciation of the strategies that they have to undertake to accelerate economic growth.Research implicationsThe issues identified in the paper and the research agenda proposed should aid policy makers, practitioners and academics in carrying out research and development efforts that could aid developing countries formulate strategies to accelerate the development process.Originality/valueThe paper adds to the limited knowledge on the research that has to be conducted in effectively implementing the Malaysian NEM and accelerating the growth path of the emerging economies.