The Education Policy of Malaysia-Free-Samples-Myassignmenthelp.com

Question: What are the recommendations for Malaysia attain High Income Developed Economy in 2020. Answer: Enhancing productivity-driven growth The accumulation of labor and capital inputs is insufficient to enable Malaysia to achieve high income developed economy. Therefore, the growth that is driven by productivity is vital for the advancement of the countrys economic progress to higher levels. Some of the critical areas this country need to focus on productivity improvement include education and training, innovation, market competition, as well as trade and regional integration. Education and Training The education policy of Malaysia has for long emphasized on inclusiveness, and the access to education has enhanced considerably in the recent years. To further strengthen human capital development and workforce productivity, Malaysia should improve the quality of learning and training(Lee, 2014). Malaysia should focus on boosting the tertiary sector to produce job-equipped graduates with the skills needed by the industry. Spurring Innovation As Malaysia endeavors to become a high-income economy, sustainable long run progress will increasingly rely on the input of innovation-motivated efficiency. Innovation will be essential for competitiveness in the global markets as well as participation in international value chains(Konov, 2015). Therefore, the government of Malaysia should devise ways of boosting innovation. For example, the government should avail sufficient tax incentives and fund support to facilitate the SMEs to undertake research and development and also establish local innovation hubs. Boosting Competition Malaysia should ensure effective regulatory structures to enhance efficiency through robust and market-driven competition to enable companies to develop their products, processes, and services continually. As a result, there is a need for the country to come up with a comprehensive competition policy and provide adequate resources and staff to guarantee competitive market. Improving Investment, Trade, and Regional Integration Investment, trade, and regional integration have played a significant role in the economic development of Malaysia and avail remarkably substantial leverage for productivity-improving structural reforms. Moreover, Malaysia is geopolitically and geographically well located to benefit from the regional connectivity of market, trade, and investment. Therefore, this nation should decrease the nontariff barriers to achieve such benefits for its growth and development(Ogun, 2015). Championing for More Inclusive Growth Foremost, the leadership of this country should focus on developing an inclusive labor market by raising the participation rate, particularly among the women. The government should strengthen family-friendly schemes such as increased access to better child care and flexible working hours as well as enhancing access to useful labor market information(Konov, 2015). Moreover, Malaysia should put measures in place to uphold universal access to enhanced health care to guarantee a productive workforce to stir the economy of the country to prosperity. Inclusive growth should also be ensured through the intensification of social protection and balancing growth between rural and urban areas. Enact Prudent Policies to Sustain Resilient Growth There is a need for continued structural reforms to strengthen economic buoyancy and sustainable development. The structural reforms should be geared towards promoting inclusiveness and productivity to facilitate sustainable progress in the long run. Furthermore, the government should continually enact appropriate fiscal and monetary instruments to protect the economy from global headwinds(Tulder, Strange, Verbeke, 2014). Bibliography Konov, J. I. (2015). Market Economy under Rapid Globalization and Rising Productivity. Scholedge International Journal of Management Development , 9-23. Lee, J. (2014). Education hubs and talent development: policymaking and implementation challenges. Higher Education (00181560) , 807-823. Ogun, O. (2015). A Fundamental-based Approach to Productivity Growth. Atlantic Economic Journal , 383-392. Tulder, R. V., Strange, R., Verbeke, A. (2014). International Business and Sustainable Development. Bingley : Emerald Group Publishing Limited.