Malaysia New Economic Policy

The overriding objective of the nep was stated as national unity.

Malaysia new economic policy. The launching of the new economic policy nep in 1971 was a watershed in the malaysian economic policy history. In a way we were ahead of the rest of the world even the developed countries in entrusting economic growth to the private sector. This was to be achieved under four five year malaysia plan. This policy was adopted in 1971 for a period of 20 years and it was succeeded by the national development policy ndp in 1991.

Malaysia s new economic policy nep was announced in 1970 as part of a package of measures introduced after the political crisis of may 1969. Dasar ekonomi baru deb was a social re engineering and affirmative action program formulated by the national operations council noc in the aftermath of 13 may incident in malaysia. It was implemented in 1971 in the aftermath of the 1969 racial riots and the period set for the implementation of nep was 1971 1990. It is argued that neither of the above arguments are helpful in understanding the nep s impact.

The duration for the implementation of the new economic policy nep was 20 years from 1971 to 1990. In a simple definition the new economic policy is malaysia s socioeconomic affirmative action plan. The new economic policy nep malay. 1 2016 53 this paper aims to revisit the latter debate while also touching on distribution insofar as it affects growth.

It sought to eradicate poverty and restructure society to eliminate the identification of race with economic function in order to create the conditions for national unity. Malaysia s new economic policy growth and distribution. Some key public sector economic policies for the forseeable future since the early 1980s we have stressed that this country will rely on the private sector as the primary engine of economic growth. The eleventh economic plan for malaysia identifies six strategic thrusts key points along which the economic policies will focus to ensure malaysia reaches its goal of becoming a high income country by 2020 the key target for the whole plan is for malaysia to reach the advanced economy status that is to say a national income per capita.

Strategic policy directions neac national economic advisory council jd132294 title page indd 1 3 20 10 4 48 43 pm. Revisiting the debate malaysian journal of economic studies ol.