Russell Floyd Albert

81069
Question 1 (CLO1):
- When an individual or group lacks the means of subsistence, they are said to be in a stage
or situation of poverty. Malaysia, a heterogeneous nation, was able to achieve economic
prosperity, preserve racial peace, and significantly lower the prevalence of poverty and income
disparity. The events that took place in Malaysia between 1970 and 2000 were complicated and
difficult, necessitating the government's expert administration of the many needs of diverse
people.

In order to manage its national growth from 1970 to 2000, Malaysia created a number of
policies and strategies. They were composed of fundamental national policies, sectors,
manufacturing master plans, and long-, medium-, and short-term development plans. The
primary elements of the core policies served as the standard for all other policies and initiatives,
making them the most crucial. They were the National Development Policy (NDP), which ran
from 1991 to 2000, and the New Economic Policy (NEP), which was introduced between 1970
and 1990. Vision 2020, which was created in 1991 while Prime Minister Tun Dr. Mahathir bin
Mohammad was in office and headed the government, complemented these policies by
presenting a vision of Malaysia for the ensuing three decades. The foundation of the two main
national policies was the idea of growth with equal distribution. According to the policies,
achieving national unity and reshaping society simultaneously was the best way to eradicate
poverty. That's to be done in the midst of sustained, fast economic expansion. The National
Economic Recovery Plan, published in 1998, was another special document created to address
the country's exceptional economic situation as a result of the East Asian Financial Crisis.
Industrial master plans, national agriculture policies, and the privatization master plan were a
few more programs. Additionally, later development programs, such as the National Vision
Policy (NVP) (2001–2010), continued to adopt components of poverty eradication techniques.
The primary tenet of NVP is that the public sector will create an enabling environment and make
sure that the socio-economic goals are realized while the private sector will drive economic
progress. The knowledge-based economy, the development of human resources, and the
reorientation of the main economic sectors toward higher levels of productivity and added value
are among NVP's primary
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Q1:

strategies. Additionally, it was anticipated that rapid economic growth would contribute to the
eradication of poverty in areas and among groups where its incidence is particularly high, such as
among the Orang Asli and Bumiputera in Sabah and Sarawak, as well as with the help of specific
programs designed to combat the problem. Continues to implement the Government
Transformation Program (GTP) and New Economic Model (NEM) policies, both of which Najib
Tun Razak initiated in April 2009 and which were successful in reducing poverty in Malaysia.
Currently, the Twelfth Malaysia Plan, which was adopted by the current prime minister Dato
Seri Ismail Sabri Yaacob, is the policy being used to eradicate poverty (2021-2025). This
strategy prepares the basis for a thorough policy response to the difficult circumstances caused
by the COVID-19 epidemic. By emphasizing fair wealth distribution, societal well-being, and
environmental sustainability to achieve sustainable economic growth, the policies outlined in this
plan will aid in the eradication of poverty.

One of the ideas for equitable growth to address Malaysia's concerns with poverty is the
foreign direct investment (FDI). Investment- and trade-driven growth has been a key component
of Malaysia's development plan. The major growth driver for the Malaysian economy is said to
be FDI. Jobs, knowledge transfer, connections, improved exports, production, and balance of
payments are the key advantages of FDI to the Malaysian economy. To provide connections and
possibilities for small and medium-sized companies, foreign corporations have been urged to
migrate downstream and upstream in their manufacturing activities. The process of technology
transfer can also be improved by Malaysian companies exporting FDI abroad. Second, one of the
recommended means of growth with fairness to end poverty in Malaysia would be domestic
financial reforms. The economy's recession generated issues with excessive debt and cash flow
for businesses. The amount of non-performing loans for banking institutions surged along with
sharply declining stock and real estate prices. The fast global economic transition and the
development of rivals with cheaper prices are two of the main issues facing the Malaysian
economy. Therefore, the Malaysian financial system must change in order to play its proper part
in supporting the economic transformation and serving as a catalyst for becoming a

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Q1:

higher value-added, knowledge-based economy (K-economy), which would be the foundation of

future economic growth. Finally, one idea to reduce poverty in Malaysia is to increase domestic
investment. Better economic performance, reduced corporation tax rates, and increases in the
reinvestment allowance were all results of the expansion of domestic investment. The domestic
investment program was started in 1993 to increase domestic investments through funding
investments in FDI, R&D, education, skill training, and physical infrastructure.

Question 2: (CLO2 & 3)

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Russell Floyd Albert
81069

I) I agree with the assertion since Malaysia, which established a new framework for farming
through the scientific world, truly had a very good biotechnology system. But regrettably,
because the government wasn't prepared to deal with this issue, the agricultural farmers
themselves are still left behind. This presents a significant issue for Malaysia because the country
currently lacks the highly skilled incubator employees needed for biotechnology. Due to
Malaysia's present economic circumstances and budget cuts, this issue developed. The
management of biotechnology, particularly in Malaysia, frequently overvalues the resources they
spend on biotechnology research without even realizing that their employees have the
opportunity to participate as a component of biosciences in the agricultural sector. This issue also
arises from their inability to manage the fund with discipline and experience, which is why large
sums are spent on non-essential infrastructure, the hire of several staff without experience, the
rental of too much space, and pay. As far as Malaysia is really concerned, the Covid-19
pandemic had caused Malaysia's economy to become unstable and there were fewer jobs
available than in past years because they needed to hire professional agricultural workers to
assist them in using cutting-edge machinery in biotechnology areas because they needed experts
to do it.

II) Malaysia's agriculture is now falling behind in terms of sustainable growth as a result of
improper policy formulation and oversight. Numerous issues, including as deteriorating soil
quality, climate change, insufficient energy, and a workforce shortage, have surfaced in recent
years, making it impossible for the present agricultural model to satisfy the needs of assuring
future food security and agricultural development. In addition, Malaysia's food supply is
experiencing interruptions and food prices have increased as a result of global climatic anomalies
and the Covid-19 outbreak. The low-income groups will be affected by this uncertain food
supply, particularly those who reside in rural regions or who are batch B40. The soaring global
food costs are one of the most pressing issues Malaysia's food policy is now confronting. Low-
income groups will unavoidably bear the brunt of an insufficient and unpredictable food supply,
while the middle class will also be negatively impacted by

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Q2:

rising basic expenses of living. Other than that, after the Covid-19 epidemic, changes had taken
place and had an effect on our food industry. Migrant laborers are only permitted to depart the
nation; they cannot enter because of the border blockade. The agriculture industry will have
serious labor shortages as a result of what transpired. Numerous farmers and agricultural
businesses are compelled to scale back their operations. Last but not least, the conflict between
Ukraine and Russia had a significant negative impact on the global economy, which increased
the cost of food, particularly eggs, poultry, and food oil. Due to the severe economic crisis, we
are currently experiencing, particularly in Malaysia, the government of Malaysia will be forced
to take this action. If the government doesn't take action as quickly as feasible, there would be a
lack of food security in Malaysia, which may push some people into poverty.

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Russell Floyd Albert
81069

Question 3 (CL02 & 3):

- In my opinion, I think that we cannot make a comparison of our country that we as one of the
globalization world, we are the most dominant country to have better education compared to the
previous years which before the time our country had not yet in a globalization world. This is
because in our previous times we still did not have any knowledge and ideas to make our
education become more quality to compare with. As we are living more modern way years by
year, we found out that our country is now improving a lot in terms of the quality of education
that we had right now. Since we joined as a part of the globalization world, we were learning and
adapting lots of new things as we are using a lot of research in Information and Communication
Technologies (ICT). This is because our country had opened the border and made friends with
another country to do some research and development (R&D). Previously the time our country
doesn’t have part of the globalized world, we are actually our economy are left behind a lot. But,
since then, globalization had really made Malaysia have a better way of the economic market
because we can do exports our resources to other countries. This will definitely improve our
Gross Domestic Income (GDI) in our country as well. Malaysia is a truly blessed country
because we have different kinds of races and religions in our country, so that is why we can
exchange our technologies with other countries and we can easily work with them as well. But,
sometimes we still have some drawbacks when we are in the globalized world because our cost
of living will become expensive compared to the previous years which were still affordable and
cheap when we were not yet in a globalized world. That is why the government should make a
policymaker in this situation to protect the rights of our people in the country. This is why when
our country were in the globalized world, we always will faced a lot of competitors countries
will chase us to compete with each other in terms of economy and technologies that we had. So,
in the end, Malaysia should always learn more new things from other countries, learn from what
mistakes that had made, and be united as one nation so that our country will one day will deserve
as a high-income country and our country will have hope in the upcoming decades soon.

Question 4 (CLO2 & 3)

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Russell Floyd Albert
81069

- I) Since the occurrence of COVID-19, digitalization has become a significant economic engine
that fosters job creation and promotes growth. Digitalization can be a significant factor in
helping policymakers in the present setting of a slow global economy to promote economic
development and jobs. The use of ICT in business has been proven to boost competitive
advantage, productivity, and efficiency as a result of the benefits of digitalization, acting as a
catalyst for corporate growth. Implementing ICT developments will unquestionably shorten
startup times and lower startup costs, boosting the overall number of firms. The creation of apps
that raise living standards is one example of how the digital economy is said to foster innovation.
Additionally, the incorporation of e-commerce into corporate operations has the ability to
support economic growth for both small and large businesses by assisting them in enhancing
digital monitoring and product exchange. Additionally, we may employ ICT in government
because of the E-government apps' and collaborative platforms' contributions to increased
management and decision-making efficiency in public policy, as well as enhanced citizen-
government involvement in ventures like partnerships. Finally, by simply downloading the
application and registering it, the owner of the stall who had built their own business stall may
also make a contactless payment to the clients. Customers won't need to carry cash to pay their
bills for food or beverages, which will make payment quicker and much more easy. The same is
true for utility bills, which make life easier and save time for everyone. We will eventually only
utilize our paperless approach to make purchases, saving the environment and, of course, using
less paper in the process.

Q4:

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Russell Floyd Albert
81069

-II) Malaysia's Digital Economy, in my opinion, looked at three interconnected concerns that are
very much in line with Malaysia's ambition to become the regional commercial center: digital
connection, digital entrepreneurship, and taxation of digital platforms. The Malaysian
government saw the chance and difficulty presented by the digital economy to act as a new
economic engine and a new source of tax income. Malaysia can boost productivity, encourage
innovation, and enhance living conditions by utilizing the internet, mobile, big data, wireless
sensor networks, machine intelligence, and other technology. Through three avenues, digital
technology may stimulate Malaysia's economy. However, Malaysia does have significant issues,
particularly in terms of technology, such as the Internet's slow speed. Malaysia is still employing
4G coverage, and occasionally individuals there will always have trouble accessing any learning
platforms, which will interfere with their ability to conduct business or go to school. They are
currently employing 5G coverage to maintain their internet, and it offers incredibly fast access
when compared to other nations like China. This explains why Malaysian technical advancement
has lagged behind in certain other countries, particularly in rural regions.

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