NEP no longer works, says Nazir Razak

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PETALING JAYA: Many of the principles in the New Economic Policy (NEP) no longer work and have instead led to dysfunctional politics and growing divisions among Malaysia’s communities, according to corporate figure Nazir Razak.Nazir, the son of Malaysia’s second prime minister and NEP architect Abdul Razak Hussein, said the status quo was quickly becoming untenable and asked if the country’s leaders had the initiative to develop and implement new political, economic and social systems.He said the NEP was not meant to be a permanent solution.The former CIMB group chairman said the NEP principles, many of which have remained since its institution in 1970, had manifested themselves in “our dysfunctional politics, our economic data and the growing divisions”.“It’s not surprising because the system that was put in place was meant to be an experiment and to be temporary,” he told FM…