Curse of Natural Resources - Malaysia

Singapore currency is going to appreciate against ringgit Malaysia. SGD1.00 = MYR2.51. We're well endowed with abundance of natural resources compared to Singapore.

We should shame to admit that the government is failure in administration to promote and enhance the efficiency of our national economy for this 50 years. We are plunged in a typical middle-income country trap. Yes, we are favorable in resource endowment of petroleum and minerals, however, the high resources wealth is no guarantee of development success. Conflicts over the profit from these industries often leads to a focus on the distribution of wealth than its creation and social strife, undemocratic governance and high inequality, in what is called "curse of natural resources". Singapore, was just a fishing village and due to its lack of the resources endowment, it makes their leader to make human capital development as a main economy agenda since they independence from Malaysia and they are outperform than us. In the realm of human capital development, not only are sheer numbers of people and labor skill levels important, but also the cultural outlooks, attitudes toward work, access to information, willingness to innovate and desire for self improvement. Low levels of living, characterized by low minimum incomes level, inequality, productivity, high rate of population growth and dependency burdens, substantial dependence on low value added industrial products and agricultural production, prevalence of imperfect market and limited information are the common characteristics that we are facing now. We are in urge to address these issues so that we are not lag behind by Singapore, Taiwan, South Korea and Hong Kong.

It is pity that our government and opponent parties leader are still always in thinking take over the administration power by convince us with their political language and not by their economic policy.