Want shared prosperity? Ditch race-based policies, says economist

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Protective policies based on the NEP will lead to a brain drain, with many already having left Malaysia seeking better opportunities, says Ramon Navaratnam.PETALING JAYA: If the government really intends to achieve its Shared Prosperity Vision 2030 plan, it must start by doing away with race-based policies, says an economist and former civil servant.Ramon Navaratnam, a former Treasury deputy secretary-general, said protective policies based on the New Economic Policy (NEP) would lead to “a lot” of brain drain, adding that many had already left Malaysia seeking better opportunities.He told FMT that these local talents did not feel incentivised to work and deliver here, which pointed to a structural weakness.“Treat all people fairly, that’s what Covid-19 has taught us. Help the poor regardless of race. But when you find your neighbour who’s half as qualified as you getting prefe…