Believing in a better future after the storm is over

In recent times, news reports and economic forecasts on Malaysia have tended to highlight a number of political and economic risk factors that may converge to drag the country’s performance in the near term.

There is reason to fear that the surfeit of bad news could develop such a momentum that it may harm Malaysia’s longer term prospects unless perceptions and reality are brought into balance.

The fallout between Prime Minister Datuk Seri Najib Razak and his former deputy Tan Sri Muhyiddin Yassin is symptomatic of the political tensions that are racking the body politic.

On the economic front, the pressure on Malaysia’s finances posed by a mixture of bad news, ranging from the slump in oil prices to the effects of a weakening ringgit and the prolonged outflow of foreign capital from its markets, has dampened investor sentiment.

On top of these, the contorted investigations into the affairs of the 1Malaysia Development Bhd (1MDB) state investment fund, restraints on civil liberties and prosecution of opposition lawmakers weigh against the progress of a country aiming for developed nation status in just four years’ time.

In the social and institutional spheres, deep concern about the quality of education and of the workforce, the deteriorating state of communal relations, inter-regional tensions and nagging questions about the separation of powers among the executive, legislature and judiciary, all add to the pessimism that clouds Malaysia’s future.

This litany of woes is sombre enough, but does not cover half the problems that are gnawing at the nation’s foundations.

However, despite the long list of negatives in the country’s report card, its sustained economic growth, income distribution strategies and track record in human development are there for all to see.

To name one indicator, its 18th place in the Global Competitiveness Report 2015-16 issued by the World Economic Forum makes it the highest ranked among developing Asian countries.

Suffice to say that resource-rich Malaysia has many blessings to count, if it can get its act together and address the systemic weaknesses that are threatening to bring it to grief.

Many of the troubles that have grown large on the barometer of Malaysia’s economic and political risks are linked to issues of good governance.

For instance, if the arm’s length principle were applied to the management of 1MDB’s business, it may be easier to address some of the questions that have arisen over the fund’s deals.

To cite another example, there have been plenty of warnings sounded about the country’s overdependence on petroleum revenue before the current slump in oil prices triggered a fiscal crisis for the government.

In order to draw optimum benefit from the abundance of our natural resources, their oversight must be made independent of the executive.

And so the wish list goes on.

In the final analysis, however, to avoid turning the country's current troubles into a self-fulfilling prophesy of doom, one quality is essential above everything else – we must hold steadfastly to a strong sense of self-belief that we will triumph over the odds.

This is particularly important at a stage when talent flight is a persistent characteristic of our times.

As a 2011 World Bank report has noted, 20% of graduates opt to leave the country every year. It would be only natural that this ratio will increase if further turmoil is seen in the country.

It should be a matter of concern that the inflection point for the economy could occur when there are more talented Malaysians outside the country than working locally.

How successful we are in addressing this issue may well determine the prospects of sustaining Malaysia’s growth trajectory.

In this context, it is pivotal to prevent the perception, especially among the country’s skilled young workforce who tend to be more willing to relocate themselves, that they would be better off outside Malaysia than living here.

Often, in such situations, perceptions and gut feelings, rather than objective analysis, tend to win the day.

A sense that life is more fun elsewhere, or that there are more opportunities for career growth out there or that the quality of one’s life is better in a certain country, may be the pull factor that helps makes up people’s minds.

The work is cut out for us to win over the hearts and minds of these potential emigrants. For that to happen, the young must feel that their future here is secure and that they are free to shape the nation as they see fit.

Troubled episodes from the past hold important lessons for the current generation. People who lived through the 1969 race riots will remember the dark mood of that time, and marvel at the new spirit of muhibbah that sprouted in its aftermath.

Though the nation’s psyche was scarred by that violent episode, the feeling that we all had a stake in creating a successful future was integral to the healing that eventually took place.

Likewise, the communist threat that lasted from 1948 until 1989 proved to be a trying period indeed for the country, but eventually a sense of normalcy replaced those anxious times.

Key to the defeat of the communists was the advance of national development which showed the people that everyone could benefit from the economic progress that the country achieved.

For young Malaysians today to stick it out through the coming storm, therefore, they must be able to cling on to the hope that there is a better future for them after the current turbulence subsides. – December 12, 2015.

* This is the personal opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insider.