Malaysia has progressed significantly from independence. Our economy experienced rapid growth of a Tiger Cub Economy, with technology and business developing at a rapid pace. So did the wellbeing of its people, as we grew to become one of the best healthcare providers in the ASEAN region.
Amid impressive progress, however, today’s economy is not working for everyone—from the very poor to the middle class, many are struggling to participate in and benefit from global economic activity. In its “Outlook on the Global Agenda 2015,” the World Economic Forum calls out rising income inequality and persistent jobless growth as the two most important economic trends facing the global economy, contributing to rising inequality and restricting consumer spending and growth. Concerns exist that in the coming decades, current rates of economic progress will slow or reverse, and that many will continue to be excluded from economic opportunity, which not only has direct economic impacts but also could jeopardize social progress and stability.