HOT TOPICS
›
coming soon
ADVERTISING
|
ABOUT US
|
JOIN US
|
CONTACT US
|
FAQ
|
RSS
'Our oil wealth squandered'
The following is the speech given by former finance minister and Umno vice-president Tengku Razaleigh Hamzah at the one-day Young Corporate Malaysians Summit this morning.
In a speech I made in April this year, I spoke of where we stand in our developmental path and what I felt we must do to move forward.
I need to revisit that argument in order to develop it further.
We are stagnating. The signs of a low-growth economy are all around us. Wages are stagnant and the cost of living is rising.
We have not made much progress in becoming a knowledge and services based economy.
According to the World Bank, Malaysia's share of GDP contributed by services was 46.2 percent in 1987. Ten years later, that share had grown by a mere 0.2 percent.
Between 1994 and 2007, real wages grew by 2.6 percent in the domestic sector and by 2.8 percent in the export sector, which is to say, they were flat over that 13-year period...
In a speech I made in April this year, I spoke of where we stand in our developmental path and what I felt we must do to move forward.
I need to revisit that argument in order to develop it further.
We are stagnating. The signs of a low-growth economy are all around us. Wages are stagnant and the cost of living is rising.
We have not made much progress in becoming a knowledge and services based economy.
According to the World Bank, Malaysia's share of GDP contributed by services was 46.2 percent in 1987. Ten years later, that share had grown by a mere 0.2 percent.
Between 1994 and 2007, real wages grew by 2.6 percent in the domestic sector and by 2.8 percent in the export sector, which is to say, they were flat over that 13-year period...
Not a Subscriber?, not just to read the news, but to support Independent Media that gives you accurate, balanced and fast news coverage. Build your own opinion on political developments!
at only RM 20 per month. 
Its easily done via email or over the phone.
Call us 03-22843367 (ext 102),
Send us an sms on 017-323 0707
Email us at
Download Mobilekini to get the full story on your phone.
Join 10000+ friends at the Malaysiakini Group Facebook
Follow Malaysiakini's newsfeed on Twitter
