It's All in the Planning

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Summary

IT IS difficult to generalise the factors that are critical for economic

growth. Initial endowments such as natural resources are not the same for

Extract

It's All in the Planning

different countries. Some countries are blessed with natural resources

while others have infertile lands. Some are situated strategically in the

world's major trade routes, while others are landlocked and may be hidden

away from the world's gaze.

Malaysia was born with a colonial past where the economy functioned

purely as a source of raw materials to feed the industrial complex of

Western Europe. Growth was modest in the 1960s, but in 1971, the

Government decided to pursue a more interventionist policy with the

introduction of the New Economic Policy (NEP). Its clear mission was to

achieve unity through a more balanced distribution of economic activity

and wealth in line with the demographic profile of the nation, whil...