28 Apr '11, 11pm

NEP, brain drain holding back Malaysia, says World Bank (TMI)

The Malaysian Insider Apr 28, 2011 KUALA LUMPUR, April 28 — More than one million Malaysians live abroad, the World Bank said today, adding that policies favouring Malays are holding back the economy, causing a brain drain and limiting foreign investment. In a Bloomberg news service report today, World Bank senior economist Philip Schellekens was also quoted as saying that foreign investment could be five times the current levels if the country had Singapore’s talent base. “Migration is very much an ethnic phenomenon in Malaysia, mostly Chinese but also Indian,” Schellekens told Bloomberg in Kuala Lumpur on Tuesday ahead of the report’s release today. Governance issues and lack of meritocracy are “fundamental constraints” to Malaysia’s expansion because “competition is what drives innovation,” he said. Malaysia’s growth fell to an average 4.6 per cent a year in the past de...

Full article: http://blog.limkitsiang.com/2011/04/29/nep-brain-drain-ho...

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