Sunday January 6, 2013
We deserve a pat on the back for our economic performance
The Star Says
MANY global institutions have praised the Malaysian economy which has been driven by the strong domestic consumption brought about by the Government Transformation Programme.
International surveys – economic, social and political – all point to Malaysia being a great place to be in the global economy in 2013, based on its sterling performance over the past five years, in particular 2012.
While the external environment may not have been that favourable during this period, Malaysia had done well because the growth was domestic driven.
And domestic consumption and investment will certainly continue to be resilient this year through the support of various government initiatives and policies.
These views are shared by the business community, analysts, fund managers and international and multinational institutions. And we know how difficult and exacting their demands are before they can make such an endorsement.
So, shouldn’t we have a good reason to smile, if not just break out into a jiggle for a minute?
Too often we are embarrassed to praise ourselves even when the positive figures stare down at us. And if anyone did so, we tend to dismiss it as jingoistic.
However, we should all take stock of how well our economy is doing.
Yes, the cost of living has gone up in the past five years but so has the economy. We have done pretty well and there is no shame in acknowledging it.
It cannot be denied that the political bickering in the past 60-odd months has left many disillusioned and bitter but that does not mean that we should not greet good news with an open mind as well as open arms.
Malaysia is a medium-size country in physical size and population, yet we are in the top 30 in most of the world’s surveys.
Since the time when Tun Dr Mahathir Mohamad was prime minister, we have been told to punch above our weight. And we have done so.
The transformation programmes and policies are now in place to take us till 2020 when we should be a developed country free of the middle income trap.
Till then, we are allowed to pat ourselves on our back when we deserve it. In the case of our 2012 economic performance, we certainly do.