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Malaysia GDP per capita in 2010 is estimated at US$ 8,624 or RM 27144, it translates to RM 2262 per month. In my estimation, at least 75% Malaysian earning is below GDP per capita.
Through my qualitative analysis, 85% Malaysians are living with actual GDP of RM 5100 per annum.
In Najib’s ETP, a major KPI that is Gini coefficient is missing. Gini coefficient is a measurement of the distribution of income among the people or how even the national income is distributed.
Malaysia is the second worst in the fair and even income distribution in Asia.
RM500 handout candies is prove the income distribution is truly uneven.
Needy folk say RM500 aid will come in handy
By YUEN MEIKENG and JOSEPH SIPALAN
KUALA LUMPUR: Many came by bus, others by motorcycle while a few walked to sign up for the RM500 aid given to households earning RM3,000 or less.
At Inland Revenue Board offices and several schools and other designated places, it was all smiles for recipients under BR1M, the Bantuan Rakyat 1Malaysia scheme.
Sivaranam Velayuthan, 61, said the money was very welcome, especially since he is now unemployed. He and his 60-year-old wife only get RM160 monthly welfare aid and depend on their two children to buy them food. Continue reading >> > 80% of household earning is below RM3000 per month…mean what?
Fong was a Human Resources Minister, what he did in the past? He allowed local companies to import unlimited foreign workers, and now he only realized that his own mistake, but it’s too late.
Malaysia has lost 20 golden year to break away from the middle-income trap.
The next immediate right thing to do is stop all manufacturing and services sectors from hiring foreign workers.
More procrastination, Malaysia competitiveness will move further down to drain.
‘Drastic’ action needed on wages, says Chan Onn
By Lee Wei Lian
Fong pointed to Singapore’s success in beating the middle-income trap. — File pic
PETALING JAYA, Sept 23 — Tan Sri Fong Chan Onn said today that “drastic” action was needed to free Malaysia from the middle-income trap in which it is now trapped.
The former human resource minister pointed to how Singapore was stuck in a similar quandary in the 1980s, but later managed to escape it by mandating wage increases.
“(Singapore’s then prime minister) Goh Chok Tong forced companies to increase salaries by 50 per cent and within two years Singapore transformed,” he said at the National Conference on Making High Income Nation a Reality.
“People were forced to upgrade. That’s why we’re pushing for minimum wage over the objections of the Malaysian Employer’s Federation.”
The chairman of MCA think-tank Insap also cited the example of a solar power manufacturing company that lured Malaysians back from Singapore by paying competitive wages of RM10,000 to engineers and RM3,000 to operators.
“It is a function of wages,” said Chan.
He added that companies should invest more into research and development, especially productivity research.
“If (palm oil companies) are earning billions, why can’t they invest money to research harvesting technology and worker training?” he said.
Malaysia is currently suffering from low productivity and a brain drain driven partly by more competitive wages in destination countries.
The government is looking to introduce a national minimum wage by the end of the year.
The Malaysian Employers Federation has raised, however, concerns over the prospect of minimum wage by saying that salaries should be linked to productivity.
The answer is Malaysia has the second highest Gini Coefficient of 0.492 in Asia.
This is good or bad news? Something not appear in the mass media must be a bad news for BN government.
What does it mean with high Gini Coefficient?
The wealth distribution is very uneven amongst its population. In another word, the gap between rich and poor people is huge at about 23 times.
80% wealth controlled by 15% rich; 20% wealth controlled by 85% poor. (Source quoted from the World Bank)
Malaysia is a country where rich man is richer, poor man is poorer over the years.
Further reading on my other postings,
1. Acute unequal and unjust wealth distribution
2. Distributing wealth equally may just be the answer.
I believe our king will shake his head when his Majesty sees the magical achievement in a country with lesser resources than Malaysia.
This Time article about Korea and Malasyia economic development comparative study is mind boggling.
South Korea was poorer than Malaya at about 1/2 Malaya GDP per capita when our country achieved independence in 1957.
“According to the World Bank, the per capita gross national income (GNI) of South Korea in 1970 was below that of Malaysia ($260 versus $380), but by 2009, South Korea’s was three times larger than Malaysia’s ($21,530 versus $6,760).” Source: Escaping the middle-income trap
BN always asks you to compare Malaysia with Indonesia, Myanmar, Philippines and Africa countries to prove Malaysia Boleh.
South Korea’s Success Is An Inspiration To Malaysia, Says Tuanku Mizan
From Noor Shamsiah Mohamed
SEOUL, July 20 (Bernama) — South Korea’s impressive success in terms of development and modernisation has provided a source of inspiration to other countries in the world including Malaysia.
Yang di-Pertuan Agong Tuanku Mizan Zainal Abdidin said, Korea had succeeded in developing the entrepreneurship and creative talents of its people to the extent that it had emerged as a modern and developed nation in the eyes of the world based on innovations in creativity.
“The success, creativity, culture and way of life of the Korean people are noted throughout the world including in Malaysia. As such, I am convinced that we can learn a lot from this country,” the King said at the Royal Banquet at the Presidential Palace, here Wednesday Night.
Continue reading >> Malaysia vs Korea = Fail vs Success
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