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Vital to properly manage relationship between economic fundamentals and public perception
By Toman Mamora
KUCHING - Chief Minister Datuk Patinggi Tan Sri Haji Abdul Taib Mahmud has called for the setting up of a community of thinkers who can be counted on to provide intellectual leadership and shape public perception on economic issues affecting the progress of the state.
Speaking during the winding-up session at the Council Negeri yesterday, Datuk Patinggi Taib said although Sarawak might have experts in many fields they were yet to come together into a community of cohesive forces and render influence on the thinking pattern of the people.
Because of this, he said: “ The general perception of our people on the state of economy is segmented and it is difficult, as a result, for a perception that reflects the consensus of what the real picture ought to be to surface.”
He drew the attention of the State Assemblymen to two crucial questions relating to the proposed institutional approach to rectifying public perception on the current economic problems.
· What can be done to create a community of economic thinkers?
· How can the views of the proposed community of thinkers be used to influence the rest of the society?
He acknowledged there existed two levels of debate on the economic crisis currently plaguing the South East Asian region. He said: “ At one level, we are tring to reassert that we have strong economic fundamentals, although we we know we’re going through a period of serious economic slowdown. At the other level, the debate seems to be focused on the question of confidence which matters most to the prospective investors and it could well work to or against our favour.”
The Chief Minister pointed out that the question as to whether the two planes of debate was valid or otherwise in real economic terms did not arise but chose, instead, to acknowledge the controversy as part of the new reality posed by a globalising economy.
Recognising that confidence had been the underpinning factor of the present economic crisis, Datuk Patinggi Taib spoke of the urgent need to analyse the meaning of confidence within the context of an expanding economy.
On the present level of confidence in our economy, he said: “ It reflects the people’s perception on our economic health, the ability to grow and open up new opportunities and give greater profits to those who want to invest.”
He was aware that, under the present situation, economic fundamentals did not automatically become part of the people’s perception. He alluded to the manner in which the more established economic powers had conveniently chosen to group the entire South East Asian region into a single entity and cause the countries, although having different patterns of economy, to suffer similar crisis almost simultaneously.
He warned that whoever dominated the mass media and the global economic network would dominate the economic thinking of the world, adding that such a cruel phenomenon was the reality of the time, from which there was no escape.
The local business community, he said, had been susceptible to such world perception on the regional economy and readily submitted to what he termed as the herd instinct.
He described such an economic behaviour as the result of the dominance of views expressed in a given economic situation. “The dominance depends on how strong the external views are infiltrating the minds of the people through opinion leadership network and mass media.”
It was therefore important, according to the Chief Minister, that the relationship between economic fundamentals and public perception be properly analysed and managed in order to restore the economic health of the state and country. He pointed out that this was a task, among others, which the proposed community of thinkers would have to undertake.
The community of thinkers, he proposed, would be the amalgamation of the intellectual energies of key government officers, the academia, industrialists and the mass media
In facing the onslaught of negative perception of the economy, the Chief Minister urged the business community “ to consolidate the perceptions of their respective businesses into a unified whole so that it becomes a guidance for them to plan ahead.”
They would need to have an introspective attitude and be able to collate their experience into some kind of organised body. Such a body would be able to provide functional interpretations of the health of the economy.
“ Confidence ought to be present in all sectors of the economy, and the people must have the correct perception of the foundation of the economy in relation to their sectoral interests”, said Datuk Patinggi Taib, adding that the strength of the country’s economic fundamentals must be made known as widely as possible.
Coming to terms with the forces of the new reality would involve the process of creating a modern government in a globalised economy, characterised by greater interactivity between all sectors of the economy.
He was pleased to note that Sarawak had made an early start on the wide application of information technology in government admininstration. Datuk Patinggi said: “ IT is a tool which will enable Sarawak to create a community based on knowledge power and widespread understanding of the current economic situation.”
Human resource development programme in the state also would be revamped to meet the needs of a unified approach through smart partnership, said the Chief Minister. “ HRD will focus on creating the preparedness of the people to embrace changes which will pave the way for the proliferation of opportunities, greater social mobility and sense of equality and achievement.”
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