Now we have Nor Mohamed Yakcop, new Minister in the PM's Department in charge of the EPU, saying, as reported by the Malaysian Insider, that the export-driven economic model which saved Malaysia from the Asian financial crisis would not work this time.
“The model that we have been using... will no longer be relevant in the coming 50 years because it is a model based on low wages, based on exports to the US, which can no longer be used in today’s times,” Nor Mohamed told a press conference.
“We need to find a new economic model, a new supply chain, to reduce dependence on exports (and) increase dependence on domestic consumption. We have to look into this in the medium to long term,” Nor Mohamed said.
Malaysia's economy needs structural changes, that's for sure.
But, before anything else, it's the education system that needs to be fixed. Just to be sure, by education system, I mean the whole thing; primary, secondary and tertiary education.
What disturbs me is that there is still a Ministry of Education and, a Ministry of Higher Education. There should only be a single Ministry of Education. That way the entire pipeline can be holistically revamped. Two Ministries only means dysfunction, discord and a hell of a lot of red tape. It's the education pipeline that suffers. It's the human capital that is affected.