This book attempts to understand Najibnomics-economic policies advocated by the sixth Prime Minister of Malaysia, Datuk Seri Najib Tun Abdul Razak, since he helmed office on April 3, 2009. Najibnomics refers to a new approach to Malaysia’s economic development which is typified by three main characteristics: knowledge, innovation and freedom. It is a set of strategies, programmes and measures meant to transform Malaysia into a high-income and developed nation by the year 2020. This book analyses Najibnomics in action, or rather attempts to problematise Najibnomics at the level of its implementation. Through Najibnomics, the Malaysian government strives to keep the momentum of a sustainable growth trajectory, to enhance the well-being of the rakyat (people) and ensure the country gets out of the “middle-income trap” to become a high-income and developed economy by the year 2020.
An overview of this eBook is what he (the Prime Minister) had done to improve the Self-Sufficiency Standard of the nation. Here, the author also mentioned on the challenges of the Malaysian economics and approaches that had be made to overcome the issues. Some of the challenges that have been pointed out was i) to boost growth; ii) to consolidate debts and deficits; iii) to manage the rising cost of living. According to the author, out of the three challenges mentioned, i.e., boosting growth is the most important because it has a direct impact on unemployment rate. In economics, unemployment rate is considered as one of the most important variables to assess the state of an economy.
The author also gave his opinion on managing debt and deficit level. He said that beside reducing the petrol and diesel subsidies, there are other better ways to control prices in the economy without heavily subsidising goods, such as by promoting competition, increasing efficiency, stimulating production and enhancing competitiveness.
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