Business Economics (BUSS 20003) – Fall –2020- CW (2) –All – QP
MEC_AMO_TEM_035_02 Page 1 of 13
Instructions to Student
General Instructions/information for the students for completing the assignment:
• Answer all questions.
• Deadline of submission: 10th /January /2021 23:59
• The marks received on the assignment will be scaled down to the actual weightage
of the assignment which is 50 marks
• Formative feedback on the complete assignment draft will be provided if the draft is
submitted at least 10 days before the final submission date.
• Feedback after final evaluation will be provided by 24/01/2021
Module Learning Outcomes The following LOs will be achieved by the students after completing the assignment successfully:
1. Analyze macroeconomic concepts with respect to the business organizations. 2. Discuss and debate the concepts of resource allocation, utility and consumer behaviour.
Assignment Objective
A critical analysis of Macroeconomic and resource allocation concepts with respect to Malaysia’s
Economic Journey towards Growth, Crises and Development (Case Study).
Assignment Tasks
The Assignment has a proposal (Task 1) and Case Study (Task 2) aspects that require responses
/answers .
1) Task 1
Submit a work proposal for this assignment on or before 1/12/2020 (23:59) which must include:
• Understanding of deliverables – a detail description of deliverables.
• General overview of proposed plan – initial understanding of solution to task2.
• Timeline for completion of the given tasks.
The work proposal must be submitted in a word file through the link available in Moodle.
( 5 Marks)
IN SEMESTER INDIVIDUAL ASSIGNMENT
Module Code: Module Name: Business Economics
Level: 2 Max. Marks: 100
Business Economics (BUSS 20003) – Fall –2020- CW (2) –All – QP
MEC_AMO_TEM_035_02 Page 2 of 13
2) Task 2 (95 Marks)
Task-1 Case Study Analysis:
Malaysia’s Economic Plan: Growth, Crises and Development
Until 1963, when the country gained independence from British rule, Malaysia’s domestic
economy had been supported by its strategic location on the Strait of Malacca, a narrow passage of water
to the south of the Malay Peninsula that functions to this day as the main shipping channel between the
Indian and Pacific Oceans. The occupying powers exerted a significant degree of control over goods that
passed through the strait, bringing items such as spices and porcelain into the Malaysian market and
establishing the island as a lucrative trading destination. Malaysia’s strategic geographic position was
bolstered by its natural resources, which include large tin, oil and natural gas deposits, along with an
abundance of rubber and palm trees. “Natural resource exploitation agriculture was part of colonial trade
patterns, from which Malaysia historically had not benefitted much. It was more the occupying powers
that benefitted from their riches. As such, these industries, while enough to subsist on post-
independence, would not catalyze the level of recovery and growth that Malaysia sought. Moreover, the
prices of Malaysia’s natural resources were extremely volatile, meaning any economic progress was
contingent on positive market movement. Fluctuations in the price of oil [also] meant the Malaysian
economy was highly vulnerable to negative external shocks. Rubber suffered particularly heavily in the
1960s, as the rise in usage of its synthetic alternative drove prices down: this weakened Malaysia’s rubber
production sector, in which a third of the native Malay population worked. Constant competition to keep
prices low propagated poverty among these workers, making both economic expansion and social
mobility nearly impossible.
For these reasons, in the 1970s, policymakers decided that a transition to a third-sector-driven
economy was in order. It became very clear that manufacturing in particular was really the key to
industrialization; commodity dependence was perpetuating underdevelopment. This tactic proved fruitful
for the Asian Tigers, which had undergone a similar transformation a decade earlier. To achieve this
evolution, the Malaysian Government invested heavily in manufacturing-based industries, particularly
electrical and electronics products, which are seen today as the “spearhead of Malaysia’s industrialization
drive”. Alongside domestic funding, the Malaysian leadership advocated strongly for foreign direct
investment in the manufacturing sector, which was led predominantly by Japanese and American
conglomerates. The government’s diversification plan was successful, resulting in the country posting
annual GDP growth of more than seven percent throughout the late 1980s and early 1990s. GDP
expansion peaked in 1996, reaching 10 percent – an extraordinary feat for a country that had been under
occupation 33 years earlier. The plan-driven [economic] approach was certainly part of the success of the
East Asian economies. South Korea is maybe the best example… In the 1950s, it was one of the poorest
countries in the world, then it caught up at incredible speed. South Korea became a role model for
Malaysia [in that regard].”
However, the country’s Asian Tiger aspirations were brought crashing down by the 1997 Asian
financial crisis. This was initially caused by the collapse of the Thai baht in July that year, but contagion
quickly spread across South-East Asia as stock markets were devalued and currencies, including the
Malaysian ringgit, were heavily traded. Over the following six months, the ringgit lost 50 percent of its
Business Economics (BUSS 20003) – Fall –2020- CW (2) –All – QP
MEC_AMO_TEM_035_02 Page 3 of 13
value, falling to a low of MYR 4.57 ($1.10) to the dollar in January 1998. To prevent the currency from
collapsing entirely, Malaysia’s prime minister introduced strict capital controls and an MYR 3.80 ($0.92)
peg to the dollar, which remained in place until 2005. By that point, though, the damage to the country’s
economic growth had been done. Prior to the crisis, between 1990 and 1996, Malaysia had an average
GDP growth of 9.48 percent. By contrast, in 1998, Malaysia’s GDP shrank by 7.4 percent – a far cry from
previous gains. The burgeoning manufacturing industry shrank by nine percent, while the construction
sector plummeted by 23.5 percent. The crisis also contributed to a loss of foreign investor confidence,
which stemmed from the government’s decision to permanently suspend international trading of
Malaysia-listed shares, effectively trapping $4.47bn worth of shares in the country’s fragile financial
system.
Along with productivity issues, Malaysia is also plagued by corruption, which is a key contributing
factor in its entrapment at emerging economy level. In its latest Corruption Perceptions Index,
Transparency International scored the country 47 points out of 100, with zero being highly corrupt.
Comparatively, Taiwan scored 63, Hong Kong 76, and Singapore 85. In a 2017 survey by the same
organization, 60 percent of Malaysian citizens said they believed the government was performing poorly
in tackling corruption, while 23 percent said they had been forced to bribe a public official.
In recent months, evidence has begun to emerge that Malaysia is taking action on the structural
issues that are holding its economy back. According to current finance minister, Lim Guan Eng, the
government has saved MYR 805m ($194m) since May 2018 by renegotiating infrastructure projects
plagued by corruption – funds that can now be invested into new developments. The administration’s
perceived commitment to transparency and its desire to tackle fraudulent practices has also drawn in
overseas investors: FDI has increased by 48 percent over the past 12 months. In a bid to boost
competitiveness and the ease of doing business, the government brought in a new sales and service tax
(SST) in September 2018 as a replacement for the now-defunct goods and services tax. The majority of
essential consumer items, including fresh food, medicine, personal hygiene products and vehicles, are
exempt from the SST, a move that will substantially bring down the cost of living for most Malaysians. This
will leave them with more disposable income to spend, subsequently encouraging economic growth
through an uplift in purchasing power. Similarly, businesses with an annual turnover of less than MYR
500,000 ($120,500) will not be liable to pay the SST, a move that is hoped to stimulate the start-up and
SME sector. According to Lim, these various policies will facilitate Malaysia’s entry to Asian Tiger status
within the next three years. Okafor, meanwhile, is confident that the country is back on an upward curve,
citing average GDP growth figures of 5.5 percent between 2010 and 2017. What’s more, foreign direct
investment hit a seven-year high in March, reaching MYR 21.73bn ($5.24bn). “If Malaysia remains on a
strong growth trajectory for some time to come, it will certainly be a strong contender as one of the Asian
Tigers,” (World Finance 2019).
Business Economics (BUSS 20003) – Fall –2020- CW (2) –All – QP
MEC_AMO_TEM_035_02 Page 4 of 13
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