In the past 30 years, Malaysia has successfully curtailed high poverty rates and reduced income inequalities. Its goal is to attain high income status by 2020 while ensuring that growth is sustainable.
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ChallengeBy 2030, about 600 million jobs must be created in developing countries – mainly in Africa and Asia – to accommodate new entrants to the workforce. Such rapid job growth requires an almost un... Show More +precedented pace of job creation. To meet the job-creation challenge, macroeconomic and investment-climate reforms, while necessary, will not be sufficient. An approach to job creation that goes beyond macroeconomic policies to develop job markets – focusing on specific industrial sectors and clusters, chosen because of their competitive potential – is a more targeted way to promote job growth. Unlike earlier efforts in industrial policy, the Competitive Industries approach relies on on rigorous methodologies and continuous measurement to demonstrate results, manage fiscal costs and limit the risk of “regulatory capture.” Show Less -