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(Malaysian Economy)~Explain the achievements of the New Economic Policy (NEP) 1971 – 1990.

🏡 (Malaysian Economy)🚌

Explain the achievements of the New Economic Policy (NEP) 1971 – 1990. 



The New Economic Policy (NEP) can also define as the indigenous first policy, which is mainly focused on redistributing the Malay people’s financial wealth and try to eliminate the differences and gap between ethnic group economic in Malaysia. However, the new economic policy is more beneficial to the Malay ethnic group. Although the name is called “New economic policy”, but the content and regulation in this policy are further than just economic. The new economic policy is also including the changing of other fields such as education, religion, culture, and other fields too.

 

One of the achievements of the new economic policy is to successfully decrease the economic gap and closer social status between the races. Literally, the New economic policy is been create because of the civil chaos which calls for 513 incidents in Malaysia.  Some researcher thinks that the main reason for happening 513 incidents is because of the gap of social and economic of the Malay and non-Malay is big and become the fuse of ethnic conflict. Which can say the biggest achievement of the new economic policy is to recover the social conflict that causes by poverty and economic imbalances and to form a more harmonious society.

 

In more detail, the new economic policy was successful to reduces the poverty. Based on government official data, we can find that the percentage of poverty for all ethnic groups has been successfully reducing from 49.7% to only 6.0% between the year 1970 to 2002 which are totally reduces about 43.7%. It means that the government has effectively reduced the poverty rate as well as they could before the implementation of the new economic policy. According to the data information from the internet also, it can be found that in the year 1970, the number of people that work on agriculture with 32% becomes only 8.41% in the year of 2000 which is lesser. Compare with it, the manufacturing sector only has about 13% in the year 1970 but in the year 2000, it already increases to 31.14% which is much more than before. Other than that, in the service sector, there are about 44% in the year 1970 but in the year 2000, it has slightly increased to 46% which is good.

 

From all of this information, we can actually conclude that the economy of Malaysia under the New economy policy has provided more opportunities for the second sector such as manufacturing, and there are fewer people work in the first sector especially the agricultural include the mining, quarries, and so on. It also means that more people are changing their job sector from the first sector to other sectors especially Malay. Under the new economic policy, the GDP of Malaysia from the year 1970 until 2000 is also in the increased situation from the bottom to high ground.



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