The Malaysian Economy: Awakening the Asian Tiger
In a visit last year, the World Bank’s Vice President for East Asia and Pacific Victoria Kwakwa said Malaysia is well on its way to cross the threshold into high-income and developed country status in the coming years. However, Malaysia has always been seen as a “tiger cub” economy, having the potential to become a developed country like Singapore and Japan, but falling slightly short. This year, the AMEU Economics Summit will discuss how Malaysia can become an Asian Tiger within the next few years. The summit will firstly focus on tackling domestic problems pertaining to wage stagnation and the middle-income trap. Secondly, we will discuss how Malaysia and ASEAN ought to position themselves on an international stage by tapping into the potential of the ASEAN digital revolution. Overall, we aim to explore what it takes to make the Malaysian economy roar once more!
Based on data from the Statistics Departments’ Salaries and Wages Survey Report 2016, many Malaysians are still paid significantly lower than the desired amount to achieve their “minimum acceptable living standard”. This problem of internationally uncompetitive wages is exacerbated by Malaysia’s heavy reliance on labour-intensive and low-end manufacturing industries while insufficient high-wage job creation continues to hamper Malaysia’s productivity growth by failing to attract high-skilled labour. These problems are features of the “middle-income trap” which is generally associated with the notion that countries get stuck in a certain range of income distribution and rarely manage to achieve high-income status. Hence, this panel will explore how Malaysia can escape from its middle-income economic trap and thrive by reforming productivity and living standards.
Around the world, the digitalisation of the economy has redefined our daily lives, our businesses and our industries. This is an opportunity for ASEAN to be at the forefront of the global economy that is becoming increasingly digitised. According to a report by A.T. Kearney, ASEAN, as a single community, has the potential to become one of the top 5 digital economies in the world by 2025 as our large population of tech-savvy youth presents us with the chance to develop the ASEAN economy into a global powerhouse. The recent successes of businesses in the ASEAN digital market is only just the beginning. Hence, this panel aims to explore how Malaysia can play a pivotal role in pushing the region’s potential to greater heights.
Interactive sessions consist of activities such as workshops, case study challenges and dialogues, enabling participants to tailor their summit experience to their own interests. The topics covered may include gender equality, sustainability and also career advice. More details will be revealed soon!
The AMEU Economics Summit 2019 is completely free of charge and lunch will be provided. Sign up today as spaces are limited! Confirmation emails will be sent out to registrants closer to the event day.
LAST YEAR'S Summit
Last year’s AMEU Economics Summit welcomed 13 distinguished speakers such as Tan Sri Datin Paduka Sri Rafidah binti Aziz, Professor Tan Sri Dato’ Dr. Lin See-Yan and Dr. Richard Record.
Link to last year’s AMEU Economics Summit: Click here.
AMEU Economics Summit 2019