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Macroeconomic Policy, Growth, Redistribution and Poverty Reduction: the Case of Malaysia

In: Pro-Poor Macroeconomics

Author

Listed:
  • Wee Chong Hui
  • K. S. Jomo

Abstract

Malaysia’s management of its economy is often seen as being rather unconventional and inconsistent. Even before the controversial September 1998 imposition of capital controls, Malaysia’s economic management style was described as unorthodox. After the events of May 1969, the government formulated the New Economic Policy (NEP) to ‘eradicate’ (reduce) poverty and to ‘restructure society’ (reduce inter-ethnic economic disparities). Accordingly, the government sector grew with increased expenditure, budgetary deficits and public debt in the 1970s. The government initiated a heavy industrialization drive in the early 1980s, but in the mid-1980s it abruptly opted for a more restrictive fiscal policy and in the mid-1990s it even ran modest budget surpluses. Huge deficits were incurred again after the 1997–98 financial crisis, but these were justified as being pro-recovery, rather than pro-poor (Jomo 2001, 2003).

Suggested Citation

  • Wee Chong Hui & K. S. Jomo, 2006. "Macroeconomic Policy, Growth, Redistribution and Poverty Reduction: the Case of Malaysia," Social Policy in a Development Context, in: Giovanni Andrea Cornia (ed.), Pro-Poor Macroeconomics, chapter 9, pages 193-216, Palgrave Macmillan.
    • Handle: RePEc:pal:sopchp:978-0-230-62790-1_9
    DOI: 10.1057/9780230627901_9
    as

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