Goverment to review New Economic Policy and New Economic Model

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KUALA LUMPUR (July 23): The Government will review key national policies including the New Economic Policy (NEP) and the New Economic Model (NEM) to see if the policies are still relevant, the Dewan Rakyat was told.

According to the Ministry of Economic Affairs, it was also in line with the aspirations of new Malaysia in ensuring sustainable economic growth and a fair distribution.

Subsequently the Ministry said that a new policy that is more responsive to the the people’s aspirations would be formulated based on the needs and direction of the country’s socio-economic development.

The Ministry said this in a written reply to a question from William Leong Jee Keen (PH-Selayang) who asked on the 11th Malaysia Plan mid-term review and whether the Government would review key policies and existing economic development plans such as NEP and NEM.

Based on the reply that was distributed to reporters in Parliament today, the Ministry said following a change of Government on May 10 after the 14th General Election, the preparation of the 11MP mid-term review was realigned with new directions and aspirations of the Pakatan Harapan government.

“This realignment is essential to ensure that new directions are taken into account in the planning and development strategies for the 2018-2020 period.

“This realignment is also crucial to ensure the government’s efforts actually benefit the people without the occurrence of leakages, malpractice, power abuse and so on,” the Ministry added.

The NEP was introduced in 1970 with a two-pronged strategy to eradicate poverty and restructure society to correct economic imbalances.

The  NEM was announced by former Prime Minister Datuk Seri Najib Tun Razak in 2010, as the policy to raise the country’s economic status from high middle income to high income.