Special policy implementation 1983-2018: implications on the economic growth and people of Malaysia

Ishak Saat

Abstract

This article aims to look at the implications of the Privatization Policy introduced by the former Prime Minister of Malaysia, Tun Dr. Mahathir Mohamad in the country from 1983 to 2018 in terms of the positive and negative implications towards the economy and the people of the country. The time taken is to see how effective this policy is in the 35 years of its implementation. The policy was introduced in 1983 and continues to be implemented today as it benefits outweighs the negative impact on the nation and the people. In general, the introduction of the Privatization Policy has also served to reduce the government's financial burden especially when the country is in an economic downturn, improve efficiency and diversification of revenue, encourage economic growth, efficient resource allocation and accelerate the achievement of the New Economic Policy (NEP). This study was conducted primarily using qualitative and chronological methods and was subjective. The information obtained is extracted and analyzed from primary and secondary sources. Primary sources include economic reports, Malaysian plans, Privatization Plans, Dewan Rakyat Statements and relevant government documents. The secondary sources consist of scientific journals, books and information obtained from the web site. The results show that the privatization policy implemented has positive and negative implications on the economy and the people. The privatization process also promotes the growth of the capital market and thus enhances private sector’s contribution to GDP growth. Although this policy has negative implications, it is considered one of the policies that continues to play a role in shaping the country's future economic growth and development. Keywords: Tun Dr. Mahathir, Privatization Policy, Private Company, Economy, People.

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