Malaysia has 2 entries Petronas and MISC. As Bloomberg states "both are stateowned companies. Take them away and Malaysia - a former "Asian Tiger" - has little to show by way of genuine non-government entrepreneurship that's also competitive"
Read the full report by Bloomberg here
I point out the obvious
Yes it is indeed complex, and quite frankly Malaysia is now a middle-class nation. Our next economic quantum leap will have to coupled with a vibrant innovative and entrepreneurial community. Which are then supported by sound governmental policies and administration and financial systems. Reducing wastage and utilising human and financial resources to it's maximum capacity.
"History shows that while many countries have been able to make it from low
income to middle income, relatively few have carried on to high income," the
Bank's researchers said.
"A lot of complex challenges have to be met, from raising the skills and innovativeness of the labour force, to creating sophisticated financial systems, to maintaining social cohesion, to greatly reducing corruption.''
These are also the prerequisites for fostering the spirit of enterprise, without which the biggest economies of Southeast Asia may just remain stuck where they are."
What we see today, are not only the wanton wastage of government funds, but outright corruption and vested agendas by Cabinet Ministers to line their own pockets.
Prime example, the Port Klang Free Zone (PKFZ) is now a gleaming 4.6 Billion white elephant (read MalaysianUnplug). It was an construction exercise merely to line the coffers of powers-to-be, notably MCA (Malaysian Chinese Association) Cabinet members.
The Malaysian Constitution was lately amended to allow one man the present Election Commision Chairman to serve an extra year all the way to 2008, so he can continue his gerrymandering of the upcoming general election.
Amending the Constitution for a single man ! Only in Malaysia - he must be the most powerful man in history. Read Parliamentary Hansard December 11, 2007 (only available in Malay)
As Malaysians, as a people, as a nation, we are accountable to one another. Yet, we are not only hoodwinked but betrayed everyday by the ruling party.
Yes, we will remain stuck in this rut for some time to come.