Malaysia Needs New Narrative To Address Drawbacks Of Economics, Says Minister Rahman

IPOH (Perak, Malaysia), Sept 6 (Bernama) -- Malaysia needs a new narrative on development to truly address the shortcomings of today's economics that was over-reliant on gross domestic product (GDP) as the measure of growth, Minister in the Prime Minister's Department Abdul Rahman Dahlan said. He said while Malaysia was on track to join the ranks of high-income nations by 2020, bread-and-butter issues such as high cost of living, stagnating income levels, soaring home prices continue to plague segments of its population. "As the minister in charge of the Economic Planning Unit, I sometimes find myself asking 'does a steady GDP growth adequately address the aforementioned issues'. "My answer is not necessarily so. I hope many will agree with me," he said when addressing the Pangkor International Development Dialogue (Pangkor Dialogue) 2016 Gala Night, here Monday night. The three-day event starting Monday will explore the challenges and what it takes to build a resilient society and the connections with an inclusive and sustainable future. Abdul Rahman said in quest for a new approach he always advised his colleagues and counterparts to look beyond their own borders. "In Bhutan, for example, the government measures prosperity not via GDP, but through a measure known as the Gross National Happiness as the measure of overall happiness. "Similarly, the Organisation for Economic Co-operation and Development (OECD) has started using the Better Life Index which serves as an alternative metric to measure the people's wellbeing and societal progress," he said. The minister said besides acquiring new approaches that help the government to measure and understand its economic growth and future challenges, the authority must have workable and pragmatic solutions to any problems. These solutions should include better organisation and governance of society, and a fairer distribution of the country’s resources and wealth, he said. On the Pangkor Dialogue, Abdul Rahman said it was a platform that brought together the best minds in the world that spawns the best ideas and solutions that meet present and future challenges. "We will make the future generations proud to inherit the responsibility from us. And I believe with all my heart that together, we can make great things happen," he said. At the dinner, Nobel Peace Prize laureate Muhammad Yunus from Bangladesh and Permodalan Nasional Bhd president and group chief executive officer Hamad Kama Piah Che Othman were awarded the Pangkor Dialogue 2016 coveted 'Lifetime Achievement Awards' for their contribution to the society. --BERNAMA