Vision 2020 may be in peril
Tun Dr Mahathir Mohamad, the architect of Vision 2020, feels that Malaysia cannot achieve the goal to be a developed nation with only 11 years to go.
He said he did not foresee the many crises that came Malaysia’s way, such as the 1998 Asian currency crisis, domestic political upheavals and the current global financial meltdown.
“When we were making plans 30 years ago, Malaysia was growing at an average rate of 8% and we thought that this would go on.
“But of course it did not. We didn’t expect the crisis in 1998 or the present one or the radical changes in government.
“All these have an effect. I would like to say we can achieve it (the Vision 2020 goal) but I have a feeling that we won’t,” he said to a question at the Global Financial Uncertainties and the Future of Malaysia dialogue here yesterday.
Nobel economics laureate Prof Dr Robert Engle gave a presentation on the various economic models for market volatility and long-term risks.
On a lighter note, Dr Mahathir said he should have consulted Engle on the “long-term risks” when formulating Vision 2020.
He said Malaysia now has to grapple with the unfamiliar concept of political instability after having enjoyed stability for 50 years.
“Unless this is resolved, we cannot focus on growth and achieve Vision 2020. At present, I’m sorry to say that we won’t be able to do it,” he said.
On what advice he would give, Dr Mahathir said he was only an adviser to Petronas and the Langkawi Development Authority (Lada).
“I’m not an adviser to the present government. When we were dealing with the crisis in 1998, we had to sit down from 9am to 1pm to understand the cause of the problem and deal with it.
“If you don’t understand the cause of the problem and we think it’s just a shortage of money, then even if we give money, it’s not going to solve anything,” he said, adding that Malaysia needed to downsize and allocate funds to projects that could contribute to growth.
- The Star
He said he did not foresee the many crises that came Malaysia’s way, such as the 1998 Asian currency crisis, domestic political upheavals and the current global financial meltdown.
“When we were making plans 30 years ago, Malaysia was growing at an average rate of 8% and we thought that this would go on.
“But of course it did not. We didn’t expect the crisis in 1998 or the present one or the radical changes in government.
“All these have an effect. I would like to say we can achieve it (the Vision 2020 goal) but I have a feeling that we won’t,” he said to a question at the Global Financial Uncertainties and the Future of Malaysia dialogue here yesterday.
Nobel economics laureate Prof Dr Robert Engle gave a presentation on the various economic models for market volatility and long-term risks.
On a lighter note, Dr Mahathir said he should have consulted Engle on the “long-term risks” when formulating Vision 2020.
He said Malaysia now has to grapple with the unfamiliar concept of political instability after having enjoyed stability for 50 years.
“Unless this is resolved, we cannot focus on growth and achieve Vision 2020. At present, I’m sorry to say that we won’t be able to do it,” he said.
On what advice he would give, Dr Mahathir said he was only an adviser to Petronas and the Langkawi Development Authority (Lada).
“I’m not an adviser to the present government. When we were dealing with the crisis in 1998, we had to sit down from 9am to 1pm to understand the cause of the problem and deal with it.
“If you don’t understand the cause of the problem and we think it’s just a shortage of money, then even if we give money, it’s not going to solve anything,” he said, adding that Malaysia needed to downsize and allocate funds to projects that could contribute to growth.
- The Star
MOHD ADHA MOHD ZAIN (ADHA ZAIN)
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