When was the New Economic Policy introduced in Malaysia?

When was the New Economic Policy introduced in Malaysia?

1970
Malaysia’s New Economic Policy (NEP) was first announced in 1970 as the principal policy response to the post-election race riots of May 1969, which also resulted in a significant regime change.

Who introduced New Economic Policy Malaysia?

Tun Abdul Razak Hussein
In actual fact, the NEP, in its original concept and purpose, is neither of the two. We all know the origins of the original New Economic Policy that was introduced by the late Tun Abdul Razak Hussein in 1971.

When was started New Economic Policy?

The Bolshevik government adopted the NEP in the course of the 10th Congress of the All-Russian Communist Party (March 1921) and promulgated it by a decree on 21 March 1921: “On the Replacement of Prodrazvyorstka by Prodnalog”.

What were the main objectives of the New Economic Policy NEP?

Under the “New Economic Policy” (NEP)the objectives were to eradicate poverty and to redistribute wealth. The characteristics of the implementation processes of the NEP was that of governme-nt’s intervention through direct involvement in the economic activities and commercial sector.

Why was the New Economic Policy introduced in Malaysia?

Malaysia’s New Economic Policy (NEP) was announced in 1970 as part of a package of measures introduced after the political crisis of May 1969. It sought to ‘eradicate poverty’ and ‘restructure society to eliminate the identification of race with economic function’ in order to create the conditions for national unity.

What is NDP Malaysia?

The National Development Policy was a Malaysian economic policy introduced by Mahathir Mohamad, then Prime Minister of Malaysia, with the objective of achieving economic growth, while ensuring that accrued benefits reach all sections of society.

What is new economic model Malaysia?

The goal of the NEM, according to Najib, is to “transform the Malaysian economy to become one with high incomes and quality growth” by 2020. The keys to the plan as described by Najib at 30 March unveiling are “high income, sustainability and inclusiveness”.

Was the NEP successful quizlet?

The NEP was successful in boosting economic growth and food production. By 1926 production had returned to pre-1914 levels and grain production doubled between 1921 and 1926. Factory wages were increased by 150%. The success of the NEP led to the disappearance of peasant rebellions of urban strikes.

Why the New Economic Policy NEP was formulated?

The NEP was conceived as a two-pronged strategy for eradicating poverty for all Malaysians as well as reducing and subsequently eliminating identification of race by economic function and geographical location.

What are the reasons for the Malaysian government to formulate policies?

To achieve national unity, harmony and integrity. Through socio-economic restructuring (of the society) To minimize the level of poverty in the country (poverty eradication)