Malaysia’s Vision 2020 and the Role of leadership in Economic Development

Malaysia has adopted several developmental plans since 1969 starting with the New Economic Policy (NEP), passing by the National Development Plan (NDP) and ending with the Vision 2020 adopted in 1991 under the rule of Mahathir Mohammed (1981-2003), whereby Malaysia has aimed to become a developed country by 2020. Looking for the future, Malaysia 2020 should build upon the older developmental plans; however there are some new elements that need to be considered if Malaysia is to continue on its successful developmental path. This paper aims at focusing on the issues that still need to be considered in Vision 2020 from an outsider point of view. This paper addresses the questions of what Malaysia’s economic plans adopted in the past which were able to achieve high economic growth rates while preserving at the same time the social aspects. And the paper focuses on trade policy in Malaysia under Mahathir rule, identifying how was it shaped and how likely it will continue in 2020. The paper identifies the challenges likely to be faced by Malaysia in the coming period and how such issues should be tackled in Vision 2020.