KUALA LUMPUR, 3 Feb 2009: The government must show economic leadership beyond just orthodox fiscal stimulus and monetary measures, Bumiputra-Commerce Holdings Bhd’s group chief executive Datuk Seri Nazir Razak said today.
Among other things, Nazir suggested for the government to consider re-examining the New Economic Policy (NEP).
Nazir, who is the brother of prime-minister-in-waiting Datuk Seri Najib Razak, said the NEP should be reviewed to see how it retards investments and economic efficiency.
He added that the government should develop a new, more relevant framework for economic policy-making.
“The global economic crisis is having a brutal impact on the world’s real economy. It is not just another economic slowdown, this crisis is shaking the core of the established world economic order,” he told reporters after Bumiputra-Commerce Holdings’ extraordinary general meeting.
“While fiscal and monetary stimulus would provide a temporary boost to the economy, we also need strategic and proactive leaderships to advance Malaysia’s relative economic position in the new world order that will emerge from this crisis,” he said.
He said the major global economic dislocations and enforced reconstruction presented not only severe challenges but also tremendous opportunities.
He called for Malaysia to leverage on the Middle East, China and India whereby there would be an accelerated shift in economic power to these areas as a result of the global economic crisis.
“Malaysia should further exploit its unique comparative advantage in terms of social and geographical connectivity with these economies,” said Nazir. — Bernama