The difference between Economic Transformation and Economic Reform

During the tenure of Datuk Seri Najib Razak and now under PMX, we can observe efforts made to overhaul the economy. Economic reform began during Datuk Seri Najib’s era through the Economic Transformation Program (ETP) and the Government Transformation Program (GTP). Pemandu, under the leadership of Idris Jala, monitored and evaluated the effectiveness of the ETP implementation.

Throughout Datuk Seri Najib’s administration, reform efforts included the rationalization of petrol subsidies, restructuring of the pension system, and the introduction of the Goods and Services Tax (GST). However, this reform process took a long time and had to be postponed at times, especially when facing pressure from certain issues such as 1MDB.

PMX is now faced with the challenge of implementing economic reforms in a short period. He has begun efforts by overhauling subsidies and the pension system. Despite facing political uncertainty and limited time, PMX has decided to implement crucial economic changes.

The comparison between these two leaders shows that both parties have an economic reform agenda. However, the difference lies in the time taken to implement changes. Datuk Seri Najib chose to take a long time, while PMX, in a limited time, has made quick decisions to overhaul the economy. This may be due to political perceptions and the need to act promptly in the face of increasing economic challenges.”



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