Happy anniversary Malaysia

MALAYSIA celebrates not one but two national days.
Today is Merdeka Day or the day of Independence.
This day in 1957 over 20,000 gathered at Merdeka stadium in Kuala Lumpur and shouted “Merdeka” seven times signalling freedom from British rule.
Two weeks from today at PNG’s day of Independence, Malaysia will also celebrate another national day.
On Sept 16, 1963, the former British colony of Singapore and the East Malaysian states of Sabah and Sarawak joined the Federation of Malaya and formed what we know today as Malaysia.
Singapore left the federation in August 1965 but the federation held after that to this day.
Malaysia is a country which political and economic leadership is without parallel.
Malaysian leadership has been stable as it has been staunch. It has weathered the storms of race riots in 1969 to stand a modern and democratic nation which citizens enjoy unparalleled peace and economic growth even in times when it is gloomy on the world and regional stage.
Following the global pandemic Malaysia expects its economy to grow by 4 per cent this year.
During economic hard times when governments including PNG were forced to borrow, Malaysia took a different approach.
The government imposed taxes on its citizens to compensate for lack of growth and avoid over borrowing, Forbes reported.
The government of Prime Minister Anwar Ibrahim imposed spending cuts and a taxation system aimed at the wealthy.
So while countries are seeing their debt levels rise, Malaysia’s appears to be keeping a tight grip on its finances and avoid the pitfalls of over borrowing.
As a result the country experiences growth and its citizens, some who are heavily taxed, get to earn more.
Bloomberg reported that “Malaysia grew at the quickest pace in more than two decades in 2022 as pent-up demand helped the nation take the mantle of the fastest growing economy in Asia…”
This is most impressive considering many other countries are struggling to contain the effects of the pandemic and the flow on effects of the Russia-Ukraine war.
Malaysia is a fine example, one commentator said, “of a nation weathering the global economic storm” well.
We repeat the question put elsewhere: “What can other countries’ leaders and policy makers learn from Malaysia to promote sustainable growth?”
Including from PNG.
Does it need to listen to economic advisors from institutions and countries has have a set list of panacea for all ailments?
Or do we, like Malaysia weigh our situation, look at our options and strike out for what is best for PNG and its citizenry?
Striking out alone is not new to Malaysia. And it has been judged right most times.
This is not the first time Malaysia has not followed the popular well beaten path.
In 1998, following the Asian Financial crisis, Malaysia introduced selective exchange controls and fixed the ringgit exchange rate at USD1=RM3.80.
While other currencies were crashing through the floor.
This and other decisions taken by Malaysia ensured the country exited the effects of the crisis far faster and earlier than did its neighbours.
Its fight against global opposition to cut down its virgin forests and to replace these with rubber and oil palm has made it the biggest producer of both crops.
This nation of three distinct races – original Malays and immigrant Chinese and Indians is reaching for first world status at a gallop.
There is 90 per cent reach of digitalisation among its 33 million inhabitants.
Much of its annual revenue comes from the services sector.
The services sector generates 58 per cent of the country’s gross domestic product. This is led by transportation and storage sector, followed by food and beverage and wholesale and retail.