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Table Of Contents

PREFACE
EXECUTIVE SUMMARY
RECENT DEVELOPMENTS AND OUTLOOK
BRAIN DRAIN
1. RECENT ECONOMIC DEVELOPMENTS
GLOBAL RECOVERY CONTINUED UNEVENLY
STRONG RECOVERY IN MALAYSIA, BUT MOMENTUM VOLATILE
Malaysian Economy Staged a Strong Recovery Over 2010
Following Rebound, Growth Became Jittery
Growth Contracted and Then Rebounded
Unlike Services, Manufacturing Performed Inconsistently
Consumer and Business Sentiments Evolved in Opposite Directions
Good Momentum Indicated by Recent Data
BOX 1. MALAYSIA’S ECONOMIC PERFORMANCE IN REGIONAL CONTEXT
INFLATION STILL BENIGN, BUT PRESSURE IS BUILDING
BOX 2. HOW DO PRICE DEVELOPMENTS COMPARE WITHIN THE REGION?
LABOR MARKET CONDITIONS STRENGTHENING FURTHER
BANKING AND FINANCIAL CONDITIONS SUPPORTIVE OF GROWTH
Strong Financing Demand Consistent with Economic Expansion
BOX 3. DOES RISING HOUSEHOLD INDEBTEDNESS POSE A RISK?
Banking Sector Health Remained Robust
Capital Markets Bolstered by Favorable Investor Sentiment
BALANCE OF PAYMENTS SHOWING DIVERGENT PATTERNS
BOX 4. FOREIGN DIRECT INVESTMENT IN MALAYSIA: A REGIONAL PERSPECTIVE
MONETARY AND FISCAL POLICIES RENORMALIZING
BOX 5. FISCAL CONSOLIDATION IN MALAYSIA: A HISTORICAL PERSPECTIVE
GLOBAL RECOVERY EXPECTED TO CONTINUE
BOX 6. ECONOMIC IMPACT OF THE CALAMITY IN JAPAN
MALAYSIAN GROWTH TO RESUME HISTORICAL TRENDS
Baseline Forecast Assumptions Have Generally Improved
Near-Term Growth Momentum Is Expected to Develop Favorably
Consumer Price Inflation Will Likely Rise Further
Fiscal and Monetary Policies Are Expected to Renormalize Further
Near-Term Risks Remain Considerable
MEDIUM-TERM OUTLOOK CONTINGENT ON REFORM IMPLEMENTATION
Malaysia’s Medium-Term Challenges in Perspective
A Historical Perspective
A Counterfactual Perspective
BOX 7. THE GEOGRAPHY OF POVERTY IN MALAYSIA
A Forward-Looking Perspective
Policy Approaches to Strengthen Medium-Term Prospects
Government Transformation Programme
Economic Transformation Programme
Assessment of Medium-Term Outlook and Risks
Implementation is Progressing, But Skepticism Remains
Tackling Cross-Cutting Issues Remains Crucial
3. BRAIN DRAIN
BRAIN DRAIN AS A GLOBAL PHENOMENON
BOX 8. WHAT IS BRAIN DRAIN?
MAGNITUDE OF BRAIN DRAIN
A First Glance at the Data
Diaspora Is Large, Mainly Concentrated in Singapore
After Brisk Growth, Migration Momentum Slowed
But Brain Drain Was Magnified by Changing Patterns in Skill Selectivity
BOX 9. THE MALAYSIAN DIASPORE IN SINGAPORE: A 2010 CENSUS PROFILE
Scenario-Based Estimates
Estimates Are Extrapolated to 2010 on the Basis of Moderate Growth
Extent of Nonresident Diaspora in Singapore Could Surprise on the Upside
Diaspora Likely Reaches One Million, a Third of Which Is Brain Drain
Relative to Narrow Skill Base, Intensity of Brain Drain Is High
Brain Drain Is Not Alleviated By Compensating Inflows
BOX 10. IMMIGRANT WORKERS IN MALAYSIA
Large Share of Diaspora Acquired Education Overseas
Channels of Impact
Brain Drain Can Erode Skill Base and Depress Innovation
But Incentive Effects May Boost Human Capital Formation
Other Benefits Accrue From Remittances, Return Migration and Diaspora Effects
Effect on Malaysian Human Capital Base
Brain Drain Does Not Appear to Have Eroded Stock of Tertiary-Educated
But Skills Shortages Point to Concerns about Quality of Human Capital
POLICY APPROACHES TO BRAIN DRAIN
Fundamental Drivers of Brain Drain
Push and Pull Factors Drive the Migration Decision
BOX 11. DETERMINANTS OF BRAIN DRAIN: CROSS-COUNTRY EVIDENCE
Economic Incentives and Social Disincentives Matter Most
Comprehensive Approaches
Boosting Productivity
Strengthening Inclusiveness
BOX 12. SUGGESTIONS FROM THE DIASPORA
Targeted Approaches
Competing for Talent
BOX 13. ATTITUDES TOWARDS RETURN MIGRATION
Engaging with the Diaspora
CONCLUSION
REFERENCES
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Malaysia Economic Monitor BRAIN DRAIN Apr2011 Full

Malaysia Economic Monitor BRAIN DRAIN Apr2011 Full

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Published by Raymond Lee
Malaysia Economic Monitor BRAIN DRAIN
April 2011 Report
Malaysia Economic Monitor BRAIN DRAIN
April 2011 Report

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Published by: Raymond Lee on Feb 26, 2013
Copyright:Attribution Non-commercial

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