The challenges Malaysia faces – from reversing the slide in foreign direct investment to tackling labor shortages and protecting workers’ rights – are undoubtedly formidable. But perhaps no one is better equipped to confront them than its new prime minister, Anwar Ibrahim.
KUALA LUMPUR – In 2007, on the 50th anniversary of Malaysia’s independence, Nobel laureate economist Joseph E. Stiglitz celebrated the “miracle” of the country’s economic rise and creation of a vibrant multiethnic society. In the 15 years that followed, however, revelations of large-scale corruption and abuse of foreign workers damaged Malaysia’s international reputation and fueled domestic political instability.
But Malaysia’s fortunes may be turning around. Late last year, long-time opposition leader Anwar Ibrahim was sworn in as the country’s new prime minister. His record of effective and corruption-free leadership offers good reason to hope that Malaysia can return to a stable development path leading to greater prosperity for more people.
As deputy prime minister and finance minister in the 1990s, Anwar oversaw the double-digit GDP growth that drove Malaysia’s rise as one of Southeast Asia’s “Tiger Cub” economies. When the Asian financial crisis erupted, he played a central role in mitigating the contagion. And he managed all of this without a whiff of malfeasance.
KUALA LUMPUR – In 2007, on the 50th anniversary of Malaysia’s independence, Nobel laureate economist Joseph E. Stiglitz celebrated the “miracle” of the country’s economic rise and creation of a vibrant multiethnic society. In the 15 years that followed, however, revelations of large-scale corruption and abuse of foreign workers damaged Malaysia’s international reputation and fueled domestic political instability.
But Malaysia’s fortunes may be turning around. Late last year, long-time opposition leader Anwar Ibrahim was sworn in as the country’s new prime minister. His record of effective and corruption-free leadership offers good reason to hope that Malaysia can return to a stable development path leading to greater prosperity for more people.
As deputy prime minister and finance minister in the 1990s, Anwar oversaw the double-digit GDP growth that drove Malaysia’s rise as one of Southeast Asia’s “Tiger Cub” economies. When the Asian financial crisis erupted, he played a central role in mitigating the contagion. And he managed all of this without a whiff of malfeasance.