What are the economic policies in Malaysia?

What are the economic policies in Malaysia?

Malaysia’s New Economic Policy (NEP) was announced in 1970 as part of a package of measures introduced after the political crisis of May 1969. It sought to ‘eradicate poverty’ and ‘restructure society to eliminate the identification of race with economic function’ in order to create the conditions for national unity.

What is the national economic policy?

These generally include the interest rate and money supply, tax and government spending, tariffs, exchange rates, labor market regulations, and many other aspects of government.

What is national development policy in Malaysia?

The National Development Policy was a Malaysian economic policy introduced by Prime Minister Mahathir Mohamad. The objective was achieving economic growth, while ensuring that accrued benefits reached all sections of society.

What are examples of economic policies?

Economic policies are typically implemented and administered by the government. Examples of economic policies include decisions made about government spending and taxation, about the redistribution of income from rich to poor, and about the supply of money.

What was the purpose of New Economic Policy of Malaysia?

The NEP had two objectives, namely to “eradicate poverty” regardless of race and to “restruc- ture society” to eliminate the identification of race with economic function.

What is an example of economic policy?

Economic policy examples are taxation and government spending, income redistribution from the wealthy to the poor, and the supply of money decisions.

When was the New Economic Policy introduced in Malaysia?

Malaysia’s New Economic Policy (NEP) was first announced in 1970 as the principal policy response to the post-election race riots of May 1969, which also resulted in a significant regime change.

What is new economic model Malaysia?

The New Economic Model (NEM) 2011-2020 was an economic plan in Malaysia unveiled on 30 March 2010 by Malaysian Prime Minister Najib Razak which was intended to more than double the per capita income in Malaysia by 2020.

What is economic policy example?

What are the 3 areas of economic policy?

Policy makers undertake three main types of economic policy: Fiscal policy: Changes in government spending or taxation. Monetary policy: Changes in the money supply to alter the interest rate (usually to influence the rate of inflation). Supply-side policy: Attempts to increase the productive capacity of the economy.

Who introduced New Economic Policy in Malaysia?

In actual fact, the NEP, in its original concept and purpose, is neither of the two. We all know the origins of the original New Economic Policy that was introduced by the late Tun Abdul Razak Hussein in 1971.

How many economic policies are there?

And , the policies are: (1) Industrial Policy, (2) Trade Policy, (3) Monetary Policy, (4) Fiscal Policy, (5) Indian Agricultural Policy, (6) National Agricultural Policy, (7) Industrial Policies, (8) International Trade Policy, (9) Exchange Rate Management Policy, and (10) EXIM Policy.

What are the 2 types of economic policies you can have?

Fiscal and monetary policy comes in two types: Expansionary: Intended to stimulate the economy by stimulating aggregate demand. Expansionary fiscal policy involves increasing government spending or reducing taxes.

When was NEP Malaysia introduced?

What are the examples of economic policy?

Who launched the New Economic Policy in Malaysia?

The New Economic Policy (NEP) (Malay: Dasar Ekonomi Baru (DEB)) was a social re-engineering and affirmative action program formulated by the National Operations Council (NOC) in the aftermath of 13 May Incident in Malaysia.

How long is the New Economic Policy in Malaysia?

50 years
INTRODUCTION. The New Economic Policy (NEP) has scripted Malaysia’s development for 50 years, with the 30% Bumiputera equity target as the main protagonist. The NEP’s imprint remains deep; its legacy endures long beyond the initial 1971-1990 timeline.