31 August 2012 marks the 55th Independence Day of Malaysia (Hari Merdeka). Since gaining independence from the British colonial rule in 1957, Malaysia's economy has grown from low income to upper middle income level.
According to the World Bank, GDP per capita has grown from USD299 in 1960 to USD9,686 in 2011, an annual growth rate of about 7% in the last five decades. It is indeed an impressive performance, but Malaysia could have done even better. Singapore, the closest competitor, has shown a much better growth performance which has an annual growth rate of 9.8% over the same period. Singapore's GDP per capita is USD46,241 in 2011, which is 4.7 times more than a Malaysian. Also, Singapore ranks 19th in the World Bank's list, which is higher than Japan.
It does not require a nobel laureate in economics to explain the underlying reason for the performance gap between Malaysia and Singapore. The leaders have the answer but unfortunately they are not willing to deliver it. Even worst, a major press media Star which serves as the fourth branch government in Malaysia opines that Malaysians should satisfy with the present outcome instead of complaining that government should have done more (see my posting on 22 August 2012).
While all Malaysians ought to support their government, it is also true that every Malaysia has the right to demand a leadership that would deliver a better economic performance that commensurates to the country's potential.
According to the World Bank, GDP per capita has grown from USD299 in 1960 to USD9,686 in 2011, an annual growth rate of about 7% in the last five decades. It is indeed an impressive performance, but Malaysia could have done even better. Singapore, the closest competitor, has shown a much better growth performance which has an annual growth rate of 9.8% over the same period. Singapore's GDP per capita is USD46,241 in 2011, which is 4.7 times more than a Malaysian. Also, Singapore ranks 19th in the World Bank's list, which is higher than Japan.
It does not require a nobel laureate in economics to explain the underlying reason for the performance gap between Malaysia and Singapore. The leaders have the answer but unfortunately they are not willing to deliver it. Even worst, a major press media Star which serves as the fourth branch government in Malaysia opines that Malaysians should satisfy with the present outcome instead of complaining that government should have done more (see my posting on 22 August 2012).
While all Malaysians ought to support their government, it is also true that every Malaysia has the right to demand a leadership that would deliver a better economic performance that commensurates to the country's potential.
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