Services sector reform crucial for Malaysia - World Bank

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It is crucial for Malaysia to reform its services sector in order to achieve advanced services and innovations for its future economic growth post-Covid-19, said Aaditya Mattoo, chief economist of the East Asia and Pacific Region of the World Bank.He is of the view that some restrictions imposed by the authorities, particularly access to the Malaysian market, need to be reviewed to attract more trade and investment in the services sector going forward.“Malaysia (has) reaped the benefits of openness to trade and investment in goods, but why does it persist with restrictions in services?“There are three pillars in reform - opening up the market by eliminating restrictions on entry and reducing discretion in licencing; move from conventional (to a more modern and advance) regulations, and improving access to services,” he said at the Economic Action Council Executive Talk Series …