Global economy recovering, stop bickering and capitalise - Dr Noor Azlan
SINAR DAILY REPORTER04 Feb 2023 12:55pm
The political turmoil over the past five years has already caused enough damage and former Universiti Kebangsaan Malaysia (UKM) vice chancellor Prof Tan Sri Dr Noor Azlan Ghazali called for focus on economic recovery by seizing the opportunities presented by the improved global projection.
He said pressure from issues such as cost of living can only be countered through sustainable economic growth which benefits all.
"The nation needs to provide the best opportunities for everyone to be involved and benefit from economic growth. The 'small' measures being implimented now are simply stop-gap measures which may provide temporary relief, but they are not solutions," said Dr Noor Azlan.
He said the new projection sees global ecnomic growth estimates raised to 2.9 per cent from 2.7 per cent previously, while the slump is expected to bottom out in 2023, paving the way for projected 3.1 per cent growth in 2024.
"It is still expected to be lower than the average annual growth between 200 and 2019 of 3.8 percent," said Dr Noor Azlan, in a statement aired on his Facebook page.
He cited the lifting of movement restrictions in China, controlled inflation rates, a strengthening US labour market and the impact of European energy sanctions which were not as adverse as expected, as contributors to the improved projections.
On Malaysia, Dr Noor Azlan said economic growth estimates of between four and five per cent was expected, but questioned whether the country has devised clear strategies to capitalise on the improved global situation.
"Do we have specific measures implemented to counter domestic issues, particularly structural challenges which have limited the country from quick progress all this while?" quipped Dr Noor Azlam.
He questioned Malaysia's ability to convince domestic direct investors (DDI) to make the country their preferred investment destination, whether the country met the criteria required to become an investment destination and if the country was ready.
"Malaysia must not hesitate. We all need to be committed for our economy to succeed. The government has been formed and we need to stop wasting time with turmoil which will not benefit any of us.
"We have wasted five years. Countries that are our competitors have advanced very quickly. We must not be left behind. The longer we wait to act, the further behind we will be. There is no use regretting it later," said DR Noor Azlan.
