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In your opinion, what are the ways that Malaysia can do to achieve long run economic growth? Suggest 5 ways with relevant explanations.

·         Infrastructure spending,occurs when a local, state or federal government spends money to build or repair the physical structures and facilities needed for commerce and society as a whole to thrive.infrastructure spending creates jobs as workers must be hired to complete infrastructure projects that are green lighted.

·         Deregulation,is the relaxing of rules and regulations imposed on an industry or business,tight regulations constrain businesses and prevent them from growing and operating to their full capabilities. This, in turn, slows production and hiring, which inhibits GDP growth.

·         Tax cuts and tax rebates are designed to put more money back into the pockets of consumers. Ideally, these consumers spend a portion of that money at various businesses, which increases the businesses' revenues, cash flows and profits. Having more cash means businesses have the resources to procure capital, improve technology, grow and expand. All of these actions increase productivity, which grows the economy.

·         Improved technology developed by private sector which enables higher labour productivity (e.g. development of computers enables greater productivity)

·         Improved education and training by both private sector and public sector to produce more skilled labourers to improve productivity

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In your opinion, what are the ways that Malaysia can do to achieve long run economic growth? Suggest 5 ways with relevant explanations.

·         Infrastructure spending,occurs when a local, state or federal government spends money to build or repair the physical structures and facilities needed for commerce and society as a whole to thrive.infrastructure spending creates jobs as workers must be hired to complete infrastructure projects that are green lighted.

·         Deregulation,is the relaxing of rules and regulations imposed on an industry or business,tight regulations constrain businesses and prevent them from growing and operating to their full capabilities. This, in turn, slows production and hiring, which inhibits GDP growth.

·         Tax cuts and tax rebates are designed to put more money back into the pockets of consumers. Ideally, these consumers spend a portion of that money at various businesses, which increases the businesses' revenues, cash flows and profits. Having more cash means businesses have the resources to procure capital, improve technology, grow and expand. All of these actions increase productivity, which grows the economy.

·         Improved technology developed by private sector which enables higher labour productivity (e.g. development of computers enables greater productivity)

·         Improved education and training by both private sector and public sector to produce more skilled labourers to improve productivity

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5 ways to enhance economic growth in Malaysia

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5 ways to enhance economic growth in Malaysia

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MC1502BC8380 (PRITHA ARJUNAN)

Economic growth is the result of a variety of influencing factors, which can only be determined by the approximate growth theory.  Some ways that can enhance economic growth in long run;

(i) Firstly, policies to promote employment. For instance, lowering overall taxes on labor income that can boost supply and demand but equity considerations are important.
(ii) Next,  income equality can lead to higher long term growth through faster human and physical capital accumulation.
(iii) Thirdly, tourism sectors contribution of foreign exchange revenues whilst stimulating greater investment in infrastructure that ultimately improve the living standard.
(iv) Apart from that, incentives and benefits that help to enhance economic growth
(V) Lastly, policy reformation when economic slowdown particularly on tourism and industrialization sector.

2. Limitation to achieve long run economic growth in Malaysia:

(a) The extraction cost. Government spending requires costly financing costs.
(b) Problems in expansionary fiscal policy that leads to an increase in   government spending.
(c) Limitation in supply side policies can take considerable time. For instance, if invested in better education and training, it could take several years for this to lead higher labor productivity.

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(a) In your opinion, what are the ways that Malaysia can do to achieve long run  economic growth. Suggest five ways with relevant explanations.

Malaysia can achieve long economic growth through many ways. Firstly, by increasing the working population. We can increase the working population through immigration. Importing foreign workers through immigration for construction and manufacturing process will help Malaysia to achieve long run economic growth.

Secondly, by increasing the capital through investment in new factories, investment in infrastructure such a roads. Besides, government investment in tourism development also eventually helps Malaysia to achieve long run economic growth. For instance, a tourism camp as “Visit Malaysia 2020” increases the economic growth via tourism.

Thirdly, Malaysia can achieve long run economic growth by improving the technologies. As global expands, technology also expands along with it. Therefore, improving in technology and using the new technology gadgets or machinery in the industry will eases the production process and promote economic growth.

Next, by increasing labor productivity. Rewards such as bonus, gifts and promotions will encourage labor to work more productively. Therefore, when a labor is satisfied and encouraged with this type of benefits in their work field, they will produce more outputs. A healthy working environment develops the economic growth in Malaysia.

Lastly, low inflation. Low inflation is a good climate for encouraging business investment. Moreover, high inflation increases volatility and improves the economic growth in long growth.

(b) What are the limitations that Malaysia will be facing in achieving long run  economic growth? Explain briefly.

The limitations that Malaysia will be facing in achieving long run economic growth is lack of knowledge and skills in specific field. For instance, a technician who has a little knowledge in electrical and electronic field is a limitation in achieving long run economic growth.

Next, the research and development in related field is not enough for our country’s economy to produce more output. The less research has done, then the output produce will also be less.

Moreover, the illegal activities such as judism and corruption is also the limitation that Malaysia will be facing in achieving long run economic growth.

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5 ways Malaysia can do to achieve long run economic growth

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WONG JIAXIN