Malaysia's economic recovery in 2019
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Added on 2020-12-07
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This article discusses the problem of poverty in Malaysia and suggests measures to minimize it. It covers topics such as free education, employment, minimum monthly wages, low-cost housing, and financial aid.
Malaysia's economic recovery in 2019
Added on 2020-12-07
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Table of ContentsIntroduction................................................................................................................................31.0 Free education......................................................................................................................41.1 Provide scholarships.........................................................................................................41.2 The involvement of private universities...........................................................................52.0 Employment.........................................................................................................................52.1 Foreign Direct Investment............................................................................................52.2 Construction projects...................................................................................................63.0 Minimum Monthly Wages...................................................................................................64.0 Low-cost Housing................................................................................................................75.0 Financial Aid........................................................................................................................7Conclusion..................................................................................................................................8Reference....................................................................................................................................9Appendix 1: Marking Criteria..................................................................................................101
IntroductionAccording to statistics, recently Malaysia has entered a period of economic recovery.So, in the second quarter of 2019, the country's economy grew to 4.9% on an annualizedbasis, also affecting Gross Domestic Product growth (Department of Statistics Malaysia,2019).Nevertheless, the problem of poverty remains one of the most acute problems ofmodern Malaysia. According to Lexico Dictionary (n. d.) "poverty is the state of beingextremely poor". Analyzing this definition in more detail, it can be defined as a state of need,lack of means of subsistence, a state that does not allow satisfying the urgent needs of anindividual or family. The poverty line may be national or international. The national povertyline is expressed in the subsistence level. This minimum should provide the opportunity topurchase a set of the most necessary (by the standards of a given country and in a givenperiod of time) goods and services. The international poverty line is the level of income of $2per day. Another milestone is $1 per day is already the international level of extreme poverty.The official poverty rate is calculated by the proportion of people living below thesubsistence level. Figure 1Population and incidence of poverty, 1970-2012Source: Ministry of human resource, 2013Based on the figure 1, it can be clearly seen that from 1970 to 2012 the percentage ofpoor people in Malaysia is rapidly declining, despite regular population growth. According toLim (2016), the poverty rate in Malaysia was 0.4% in 2016, that is a huge achievement for2
the country. Nevertheless, the problem of poverty remains relevant to this day and requiressome measures to minimize these indicators.1.0 Free educationIn Malaysia, the lower-class income is the most affected by poverty due to someeconomic and political reasons and a low income, which results that few of these families areentitled to a high education because of means. In order to remedy the question of the povertyin Malaysia and effectively reduce this scourge, it would refer to support the question ofeducation in Malaysia. Education is to be considered as the mother science for thedevelopment of a country’s people. To eradicate poverty educated population should be firstregarded as a conscious population that is aware of the current situation and would like todesign changes, according to Anand (1977). It is very important to promote the importanceof education, here is why the largest political institutions in the world are struggling to ensurea wide access so that everyone, including all social classes, are entitled to an education. Heresome factors that can help to reduce the poverty in Malaysia through a better education.1.1 Provide scholarshipsTo control or reform the educational circuit in Malaysia, the government shouldprovide more scholarship. A funding system provided by either the government, financialinstitutions, or Non-Governmental Organizations, in order to give the opportunity to the mostdisadvantaged or the most in need, to succeed and to offer something in return. Thesescholarships will help to reduce poverty because the fellows later come out with a morestable economic situation, but also the delinquency that is the consequence of ignorance andlack of education will be controlled. In addition to that, this does not reduce poverty only butalso improves the quality of life and leads to greater social benefits. The impact of educationon individual’s personal growth helps them realize their potential. Education is the engine ofthe economic growth and the promoter of peace and justice (Paterson, 2018).1.2 The involvement of private universitiesThe educational quality of Malaysian universities attracts thousands of students eachyear, the higher education sector earns about RM 4.5 billion a year (Clark, 2014). Theincrease to 200,000 students is expected to generate 10 billion RM by 2020, it’s is fair toassume that the more international students there are, the higher the revenues generated3
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