M'sian economy should be more dependent on domestic consumption, says Tun M
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The government must look at ways to increase the contribution of domestic consumption to Malaysia's Gross Domestic Product (GDP) while ensure the economy is less dependent on the export market, says former Prime Minister Tun Dr Mahathir Mohamad said.
He said to increase the participation of domestic consumption, many local services and products must be absorbed by the local market.
"For that, of course we need the people to have a higher income. But to have higher income, we have to increase our own productivity.
"You cannot just increase the pay when the productivity is at the same level. If that happens, then the economy will not grow and it may even lead to inflation.
"So we need to upgrade the productivity of our people both in terms of producing goods and also supplying services.
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