‘Responsible privatisation’ can spur recovery, says economist

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Economist Geoffrey Williams says ‘responsible privatisation’ of GLCs can help the government raise funds and cut costs.PETALING JAYA: An economist has proposed what he calls “responsible privatisation” to minimise government interference in the economy and promote growth as Malaysia attempts to recover from the pandemic’s effects.Geoffrey Williams of the Malaysian University of Science and Technology said this transfer of ownership or management of public assets to the private sector would be aimed at maximising not only their economic value but also their social value.In contrast to traditional notions of privatisation, he said, social benefits would weigh heavily against the potential for maximum profit.“’Responsible’ means taking everything into account, not just finances. For example, selling a public company to a private buyer who will cut jobs to raise profits or who has…