One of the unintended consequences of Malaysia’s export-led economy in the past 40 years is that we are still stuck with the idea of keeping wages low.
Focusing on Foreign Direct Investment (FDI) alone without stressing on moving up the value chain with more skilled workers has caused economic and technological stagnation.
How do we change this? The state needs to see itself as the catalyst, mobilizing public and private resources to create new sectors, drive productivity and push for dignified working standards for workers.
Decent pay for decent work will grow domestic demand and create a more sustainable global economic model. It’s time to usher in a new economic paradigm.
To all Malaysians who created the GE14 miracle, keep fighting. We will be back stronger.