As Malaysia eagerly anticipates the announcement of the 2024 budget, Monash University’s Professor Adeeba Kamarulzaman and Professor Nafis Alam, share their insightful commentary on key areas that require attention and investment. Professor Adeeba focuses on the enhancement of education and skills development programs, while Professor Nafis sheds light on the economic challenges facing Malaysia and strategies for promoting equity and inclusivity in the budget.
Professor Adeeba’s Insights:
- Embracing the Digital Age:
To prepare the workforce for the future, Malaysia must embrace the digital age’s impact on education. This entails investing in cutting-edge tools and infrastructure for online and blended learning. Moreover, digital literacy should be promoted from an early age to ensure that students are well-equipped for the digital-driven workforce.
- Accessibility for All:
Education should be accessible to all, regardless of background or abilities. Prioritizing scholarships, financial aid, and facilities for differently-abled students is crucial to ensure inclusivity.
- Soft Skills Development:
Apart from academic knowledge, students should also develop essential soft skills such as communication, teamwork, and emotional intelligence. Practical experiences and mentorship initiatives can help students build these skills, making them more attractive to employers.
- Nurturing Critical Thinking:
Education sectors should create environments that encourage critical thinking, creativity, and adaptability. Project-based learning and interdisciplinary approaches can help students develop these essential skills.
Investments in Schools, Vocational Training, and Higher Education:
- Schools:
Investment in schools should prioritize updated and diverse curricula to address current and future challenges. Hiring well-trained teachers and providing continuous professional development are essential. Additionally, upgrading school infrastructure and ensuring access to digital resources is crucial.
- Vocational Training:
Investment in vocational training centers should focus on state-of-the-art equipment and partnerships with industries to ensure students receive practical, job-relevant skills. Scholarships and incentives can encourage students to pursue vocational education.
- Higher Education:
Higher education institutions play a crucial role in shaping the future workforce. Investments in research facilities, faculty development, and infrastructure are needed to maintain quality and relevance. Expanding scholarships and financial aid can make tertiary education accessible to a broader spectrum of the population. Increased funding for university research can drive innovations and economic growth, and public-private partnerships in research should be encouraged.
Professor Nafis’s Insights:
Economic Challenges in 2023 and 2024:
- Robust Post-COVID-19 Recovery:
Malaysia has experienced a robust post-COVID-19 recovery coupled with political stability, resulting in a positive economic outlook for 2024-25.
- External Challenges:
Malaysia faces external economic challenges, including global inflation, geopolitical tensions, and a weakening Chinese economy, which may impact its economic prospects more than internal situations.
Strategies for Equity and Inclusivity:
- Attracting Foreign Investment:
Malaysia must retain and attract top talent to attract major multinational corporations (MNCs) to invest in the country. Political stability has provided a short-term boost, but sustained foreign investment is needed to compete with regional economies.
- Targeted Subsidies:
The budget should include targeted subsidies to ease the economic burden on lower-income households, particularly those in the B40 group.
- Social Spending in Education and Healthcare:
Investing in education and healthcare can reduce economic inequality. Targeted social spending in these areas will ensure that Malaysians have access to quality education and healthcare services.
- Talent Development:
To attract and retain talent, Malaysia can leverage its status as a preferred destination for higher education. Offering post-study work visas and prioritizing sectors like technology and financial services can help retain global talent.
As Malaysia looks ahead to the 2024 budget, the insights provided by Professor Adeeba Kamarulzaman and Professor Nafis Alam highlight the critical areas that require attention. By investing in education, skills development, and economic strategies that promote inclusivity and talent retention, Malaysia can position itself for a prosperous and equitable future. These measures will not only benefit individual Malaysians but also contribute to the nation’s overall growth and development.
