Malaysia needs to realign with world economy

KUALA LUMPUR: Malaysia must realign with the world economy to open up lasting opportunity to ensure more inclusiveness and sustainable growth, said Prime Minister Datuk Seri Najib Tun Razak.
“This means growth with employment, not just profits and with a better standard of living, and a healthier attitude to environmental as well as financial risk.
“It is a challenge not only for emerging markets, but also for advanced economies,” he said in his address during the International Organisation of Securities Commission board meeting here yesterday.
Najib, who is also the Finance Minister, said markets must play their part in the realignment and work as enablers for the allocation of capital and as a primary platform for the creation as well as transfer of wealth.
“Markets are a powerful tool to promote sustainable and inclusive growth in the real economy and as policy makers, we must capitalise on that premise,” he pointed out.
He said at the same time the global financial services must strive to regain the public’s trust and confidence that was badly affected during the global financial crisis.
“There must be a concerted effort to reinforce integrity in the international financial system, to build a strong culture of ethics and good governance that people, businesses and government expects,” he said.
The Prime Minister also noted that the Government would continue to facilitate access to financing for businesses, particularly start ups for small and medium enterprises and other innovative ventures which can catalyse growth.