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KUALA LUMPUR : The historic election of Malaysia that has seen a change of government for more than sixty years is a unique opportunity to deepen reforms and ensure economic growth for all, says the Group. the World Bank.
Describing Malaysia as a remarkable country by many parameters, he says that what was apparent was that there was a big disconnect between what the numbers showed and how people felt.
A hard-fought campaign saw the cost of living He said the debate was about whether economic growth really translates into gains that improve the lives of Malaysians, he said.
"What we find is that average growth can be robust – growing disparities between Malaysians working in services and those in the manufacturing industry: wages in the manufacturing sector, which is mainly export-oriented, grow four times more than in services, "said in an article titled" Why it's important to look beyond the averages of Malaysia's development ", published today.
Similarly, while average inflation may be low, food and housing costs are rising at a much faster rate – several years, and even more so in urban areas, where they are now one-third higher than in 2010.
Low-income households spend a much larger share of their income on food and housing, with two-thirds of their income on these two elements, which have seen the greatest accumulation of costs, explained Record, who is based in Kuala Lumpur.
"Coupled with stagnant wage growth for those out of manufacturing, then it becomes clearer why many Malaysians believe that growth does not benefit them.
" It is essential to ensure that people have more opportunities to improve their lives and to have access to social safety nets to protect them from shocks. "] Record, how These priorities should include increasing productivity, strengthening Social assistance for low-income households and facilitate the achievement of inclusive growth, through policies that equalize the chances of access to services and economic opportunities, including Indeed, as As the country is moving towards the status of a high-income country, it is important to be aware of wider aspects of development that are not taken into account by the growth of the domestic product. Like the health,
"But the country now has the opportunity to make itself known as a remarkable nation for not only having achieved high rates of economic growth. but for sustainable and inclusive growth that really benefits all Malaysians. "- Bernama
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