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FOLLOWING the formation of a unity government, the time has come for all Malaysians to unite, for political partisan divides to close, for compromises, and for collaboration in order to maintain a stable and good governance political environment and to implement credible economic management in order to “build back a better” Malaysia.

Malaysia must continue to maintain and enhance its position in the region as a plural and liberal democracy, as well as an open economy.

The new government must be committed to the governing principles of maintaining moderate and progressive policies.

Malaysia urgently needs to ensure and maintain peaceful coexistence among races and close cooperation among ethnically-based political parties to maintain political stability and implement inclusive, viable and enduring socioeconomic development.

Racial harmony, mutual tolerance and understanding among a multi-racial society of great diversity, which has been the recipe for the country’s success, should be upheld at all costs to maintain a harmonious and peaceful living environment for all Malaysians.

In a profound sense, our country’s economic resilience relates to building a society on more integrated and solid systems that are less prone to disintegration from the disruption forces coming from within and outside and better positioned for adaptation and flexibility.

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Economic growth and political stability are deeply interconnected.

Both the government’s and lawmakers’ commitment and accountability have become so desirable and competitive, and we want to ensure that our political and public institutions are contributing to a well-functioning democracy, promoting the legitimacy and effectiveness of governance systems, holding our nation and society together, and strengthening our ecosystem for withstanding future crises.

Following the 2008 to 2009 global economic crisis, Malaysia’s growth was largely driven by rising domestic consumption, supplemented by a growing external sector, albeit unevenly.

Malaysia has completed various phases of economic, financial, and corporate reforms in the 1990s, 2000s and 2010s to make our domestic economy, financial system and enterprises more resilient to withstand economic and financial shocks.

As we rebuild a stronger economy post-Covid-19 pandemic crisis, we have to strengthen the three pillars (institutional, economic and social) of the foundation of growth and economic development because there are still unsettling, uneven weaknesses and cracks.

Institutional reforms are needed to improve economic and political governance, enhance the role and autonomy of Parliament, enhance the quality of the law-making process, and strengthen the checks and balances mechanism.

Weak institutions and governance can impose significant economic and social costs. Corruption and misappropriation of public funds lead to more wastage and the misallocation of resources towards unproductive and rent-seeking activities.

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