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What is new in Malaysia’s New Economic Model?

Philip Schellekens's picture
Malaysia's New Economic Model proposes a number of strategic reforms.

Prime Minister Najib has announced the broad outline of the proposed New Economic Model (NEM) at the Invest Malaysia conference.

The objective of the NEM is for Malaysia to join the ranks of the high-income economies, but not at all costs. The growth process needs to be both inclusive and sustainable. Inclusive growth enables the benefits to be broadly shared across all communities. Sustainable growth augments the wealth of current generations in a way that does not come at the expense of future generations.

Nam Theun 2 – How are the resettled people doing overall? In their own words… (part 2 of 2)

Nina Fenton's picture

In the last blog we saw that most resettlers are broadly satisfied with the resettlement process and are positive and optimistic about their lives as a whole. But…how do they feel about their lives in comparison to the very different world they lived in before relocation? What are the changes they value or regret?
 

The respondents were asked directly how they felt about life now compared with life before resettlement. The overwhelming majority think that life has got much better, and that the vulnerable households are even more likely to feel this way than the non-vulnerable—no vulnerable households felt that life had got worse.

Nam Theun 2 – How are the resettled people doing overall? In their own words… (part 1 of 2)

Nina Fenton's picture

In last week’s blog I showed that, when we examine consumption—a commonly used measure of household welfare—the resettled households appear to be doing relatively well, and much better than before resettlement. But economic circumstances are just one small part of what really matters to households. In order to get closer to a broader picture of “well-being”, I’m going to present some evidence of how these households themselves view their lives overall and how they feel about the changes going on around them. I hope that this will provide new insights to the question of “how are the resettled people doing overall?”

China’s local government debt—what is the problem?

Louis Kuijs's picture

China’s massive stimulus spending has raised widespread concerns about local government finances. Local governments have ramped up infrastructure spending since late 2008, while they are also under pressure to spend more on health, education, and social security, for which they are in large part responsible. With monetary conditions likely to become tighter this year and land revenues possibly slowing down or even declining, local government finances may become strained.
At the heart of the concerns are local government investment platforms. These are state-owned-enterprise (SOE)-type entities set up to finance infrastructure construction and urban development—sometimes also called Urban Development and Construction Companies. Set up in part to circumvent rules prohibiting local governments from borrowing, their investment activities are mainly financed by land sale revenue and bank financing, often using as collateral land requisitioned from local residents.

China economic outlook: a tighter macro stance and renewed focus on structural reform

Louis Kuijs's picture

We just released our China Quarterly Update. For us (the economics unit in the World Bank’s Beijing office), this is a good disciplinary device to go through the data, look at what has happened, think about what the economic prospects and policy implications are, look in some more detail into some issues, and write it all down.

In addition to the usual topics, this time we focused a bit on two macro risks that have caught the attention of analysts: a property bubble and strained local government finances. In this blog I summarize our current understanding of the general economic outlook and what it means for policymaking. In a separate blog post, I will soon discuss the issues on local government finances.

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