M’sia must reform urgently – World Bank

(Malaysian Mirror) – The World Bank says that Malaysia must introduce massive reforms if it wants to achieve its ambitious goal of becoming a developed nation by 2020. “To reach the 2020 developed status, the World Bank is proposing a four-pillar strategy,” Mr Vikram Nehru, chief economist for East Asia and the Pacific, said.

Improve workforce

“Malaysia must specialise the economy further, improve the skills of its workforce, make growth more inclusive and strengthen public finances,” Nehru said.

The World Bank said Malaysia’s economy will shrink 2.3 per cent this year but rebound to a 4.1 per cent expansion in 2010.

Mr Nehru, quoted by the Straits Times, said that Malaysia was on track to grow between 5.6 to 5.9 per cent in 2011 and 2012.

The report also said the country faced the challenge of shifting from an upper-middle economy to a high-income economy.