Time to patch cracks in economic system, says World Bank expert

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Malaysia’s growth rate will be in the 2%-3% range in 30 years if changes aren’t made, says an economist.PETALING JAYA: The current Covid-19 crisis is an opportunity to enact long-term economic reforms geared towards creating a thriving ecosystem long after the pandemic’s effects have waned, according to a World Bank expert.Richard Record, lead economist at the World Bank Malaysia, said many structural issues on display now existed well before the pandemic and have just been magnified due to the severity of the crisis.“While the immediate short-term priority is to focus on lives and livelihoods, reforms to lay the foundations for an effective recovery are also needed,” he told FMT.Since Malaysia’s rapid growth post-independence, driven by the shift from an agriculture-based economy to one rooted in manufacturing, economic expansion has slowed in recent years. Richard Record.Whil…