Export dependent economy won’t work – says advisor

April 14, 2009 by: editor


Malaysia’s export driven economic model won’t work in the future said Nor Mohamed Yakcop, who has been moved from the finance ministry by the new Prime Minister Razak Najib, to head a new economic advisory body.

The model that we have been using, will no longer be relevant in the coming 50 years because it is a model based on low wages, based on exports to the US, which can no longer be used in today’s times,” he told reporters.

We need to find a new economic model, a new supply chain, to reduce dependence on exports and increase dependence on domestic consumption. We have to look into this in the medium to long term,” he added.

Malaysia is currently Asia’s third largest export dependent economy.

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