Madani economic narrative: A potential replacement for Shared Prosperity Vision - Economist

SHAH ALAM - Economist Professor Tan Sri Noor Azlan Ghazali, has expressed support for the new economic framework introduced by Prime Minister Datuk Seri Anwar Ibrahim.

The framework, Madani Economic Narrative, is expected to guide the country's economic development and potentially replace the Shared Prosperity Vision (SPV).

Noor Azlan emphasised the importance of the community rallying behind government policies and initiatives aimed at the country's development rather than supporting them solely based on political affiliations.

"About four years ago, in 2019, SPV was launched as a development policy for 10 years from 2021 to 2030, followed by the 12th Malaysia Plan (12MP), which was included as the first phase of SPV, 2021-2025.

"Since 1970, there are five policies that have become the pillar of the country's long-term development plan; New Economic Policy (NEP: 1970-1990), National Development Policy (DPN: 1991-2000), National Vision Policy (NVP: 2001-2010), National Transformation Policy (NTP: 2011-2020), and finally the Shared Prosperity Vision (SPV: 2021-2030)," he said on Facebook yesterday.

Noor Azlan further elaborated on the views of Economy Minister Rafizi Ramli, highlighting the need for economic reform and restructuring to transition Malaysia into a high-value country.

This transformation is aimed at ensuring social security, improving the quality of life, and preserving the environment.

He said the effective implementation of economic policies requires sufficient time to yield tangible results.

Typically, policies are implemented, evaluated, and periodically reviewed before introducing new policies as a continuation of previous plans, he said.

"The government should re-evaluate the long-term planning model of economic development and find measures that can guarantee the country's development progress and is resistant to leadership changes considering the country's political atmosphere since the 14th General Election (GE14) in 2018, which opened a new reality for Malaysia.

"There have been four Prime Ministers leading the government since GE14, which is unusual for Malaysia but not for most foreign countries such as the United States, UK, France, Japan, Taiwan and South Korea.

"Some government is changed as organised, enshrined in the practice of the democratic system or to follow the political scene," he said.

On the implementation of the 12th Malaysia Plan (12MP), Noor Azlan stated that it will proceed as planned for the next five years.

"As for the future of the Shared Prosperity Vision (SPV), it remains uncertain and could potentially be replaced by the Madani Economic Narrative.

"A clearer picture is expected to emerge in August, and it may be premature to bid farewell to the SPV at this stage," he added.