The 24th Perdana Discourse Series, titled “Balancing Economic Growth with Social Equity in Malaysia: Building an Equitable and Prosperous Future,” was held on 14th November 2024 at the Perdana Leadership Foundation. The event sparked dynamic discussions on how to achieve economic growth while ensuring its benefits are more equitably distributed among Malaysians. The session was attended by over 100 participants, including university students and members of the public.
In the opening remarks, Dato’ Seri Dr Vaseehar Hassan Abdul Razack, Trustee, Perdana Leadership Foundation remarked that “Malaysia’s journey from independence to an upper-middle-income economy has seen significant growth and change. While this has improved the country’s global standing and quality of life, it has also created new challenges. Persistent income inequality and regional disparities show that growth alone doesn’t ensure fairness. Bridging these gaps is crucial for all Malaysians to benefit from the nation’s progress.”
The keynote speaker, Dr Nungsari Ahmad Radhi, Chairman of Khazanah Research Institute & a Member of the Policy Advisory Committee to the Prime Minister, explained the structure of the Malaysian economy and the need for Malaysia’s production factor to change. Without this structural shift, he said, it would be very difficult for the economy to achieve higher growth and for that growth to be shared more equitably among Malaysians. Dr Nungsari outlined the key imperatives for better redistribution of income and wealth in Malaysia: a higher labour share on income, higher female participation in the workforce, Malaysian firms with larger footprints (ie: in terms of new sectors, new markets, new skillsets), more effective fiscal measures, and an improved education system.
He also highlighted the existing social safety nets that are already in place: the Employees Provident Fund (EPF) and Amanah Saham. “Malaysia is fortunate to have the EPF as a mechanism to address wealth challenges. The EPF plays a crucial role in ensuring that Malaysians have a financial safety net for the future. It doesn’t just support individuals in retirement; it also helps redistribute wealth, encourages savings, and fosters financial security across all segments of society. This is an invaluable tool in our broader efforts to achieve economic equity and social stability in the country.”
Following the keynote session, the discourse continued with an engaging panel session under the expert moderation of Mr Muhammed Ahmad Hamdan, Media Prima News Anchor & TV Host. Professor Datuk Dr Norma Mansor, Director, Social Wellbeing Research Centre (SWRC), Universiti Malaya, highlighted the significant gap in average and median incomes (approximately RM2,000) which points to a skewed distribution, and stressed the need to employ better fiscal measures including broadening the tax base. If the government does not have sufficient funds, she stressed, it will not be able to carry out programmes on social well-being. Dr Mohd Afzanizam Abdul Rashid, Chief Economist, Bank Muamalat Malaysia Berhad, reiterated the importance of fiscal reforms in narrowing the wealth gap to ensure a more equitable distribution of resources, and pointed out how Waqaf can play a role in redistributing wealth. Ms Syalin Koh, Research, Design, and Impact Manager, Teach For Malaysia shared her own views and experience of how the income gap is already impacting educational opportunities but she also shared how education has positively impacted social mobility among high school graduates. The key to improving the education system, she said, is to ensure that teachers are well supported, something that the government has addressed in its latest Budget.
We hope that the programme provided fresh insights into the inner workings of our nation’s economy and a better understanding of social equity. The Perdana Leadership Foundation thanks the keynote speaker, panellists, and moderator, for sharing their thoughts, as well as all members of the audience. The event would also not have been realised without the sponsorship of DRB-HICOM Berhad.
The discourse monograph will be published next year.
To view and download PDS 24 Programme Book, please Click HERE
PDS 24 IMAGE GALLERY
Downloadable programme material:
Dr Nungsari’s slide presentation.
Media:
The Edge
Multimedia University
MREM
Post-Press Statement
For enquiries or future collaboratios, please contact the Coordinators of this event:
- Puan Nurul Humaira Kamarulzaman (humaira@perdana.org.my / nhkperdana@gmail.com, 03-8885 8960)
- Encik Muizzuddin Munir / (muizzuddin@perdana.org.my /muizmunir2@gmail.com, 03-8885 8979)
About Perdana Discourse Series (PDS):
Perdana Discourse Series is a half-day event where a prominent presenter will speak on a pre-determined topic addressing its definition and tracing issues like policies, strategies, and possible models used during the tenure of the past Prime Ministers, in addition to achievements accomplished throughout each of the five premierships. Discussions and issues arising from the discourse will be duly documented and published in monograph form.
The Discourse has previously dissected topics such as National Unity, Social Re-engineering, Political Stability, Economic Development, Affirmative Action, International Relations, Education, Leadership, and Innovation.
About Perdana Leadership Foundation
www.perdana.org.my
The Foundation is a non-profit organisation established in 2003 to document, disseminate, research, and archive materials related to the past Prime Ministers of Malaysia, and nation-building. The Foundation intends to become the premier institution for the study of Malaysia’s Prime Ministers and the central resource centre for research into national stewardship as well as a platform for reflection, debate, and discussion with distinguished figures in Malaysian leadership. Our Honorary President is the fourth and seventh Prime Minister of Malaysia, YAB Tun Dr Mahathir Mohamad. To date, we have digitised more than 500k materials, half of which are available for free through our website www.perdana.org.my. Membership of our Perdana Library is free, and members also get to enjoy the library’s physical facilities located in a cosy enclave in Precinct 8, Putrajaya.
About DRB-HICOM Berhad
www.drb-hicom.com
DRB-HICOM Berhad (“DRB-HICOM”) is one of Malaysia’s leading conglomerates with core businesses in the Automotive, Services, and Property sectors. With more than 70 active companies in its stable and over 56,000 employees group-wide, DRB-HICOM’s aim is to continue adding value and propelling the nation’s development. In the Automotive sector, DRB-HICOM is involved in the manufacturing, assembly, and distribution of passenger and commercial vehicles, including the national motorcycle. In Services, DRB-HICOM is involved in various businesses, including concession and financial-related services. In Property, DRB-HICOM is involved in the development of industrial properties.
