KUALA LUMPUR, Feb 3 — The government must show economic leadership beyond just orthodox fiscal stimulus and monetary measures as major global economic dislocations and enforced reconstruction present not only severe challenges but also tremendous opportunities, said Bumiputra-Commerce Holdings Bhd group chief executive Datuk Seri Nazir Razak today.
"The global economic crisis is having a brutal impact on the world's real economy. It is not just another economic slowdown, this crisis is shaking the core of the established world economic order," he told reporters after Bumiputra-Commerce Holdings' extraordinary general meeting.
"While fiscal and monetary stimulus would provide a temporary boost to the economy, we also need strategic and proactive leaderships to advance Malaysia's relative economic position in the new world order that will emerge from this crisis," he said.
Among other things, Nazir suggested the government consider re-examining the New Economic Policy as to how it retards investments and economic efficiency and develop a new, more relevant framework for economic policy-making.
He called for Malaysia to leverage on the Middle East, China and India as there would be an accelerated shift in economic power to these areas as a result of the global economic crisis.
"Malaysia should further exploit its unique comparative advantage in terms of social and geographical connectivity with these economies," he said. — Bernama
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