Towards attaining a competitive and resilient economy by the year 2020: the external dimension

Abstract

In the effort to design a competitive and resilient Malaysian economy, it is necessary to appreciate our place in the functioning of the global world economy that transcend national borders. The impression one gets from the economic point of view is the emergence of a global world economy based on the G7 with the US, Japan and the European Community at its epicentre, and with a majority of the other countries in the world in varying degree of integration having become part of the global borderless economy. There are of course countries not significantly linked with the global economy. These include the USSR and its previous East European allies, Communist China, Burma, and various African and other countries, which are not impressive in terms of their economic performance. The USSR and some of its component states alongside its previous East European allies are trying to reorganise their economies into market oriented economies that can be integrated to the interlinked global economy.