FAQ

Frequently Asked Questions (FAQs)

  1. Is the “new” NEAC the same organization as the older “National Economic Action Council” which was created during the 1997/98 Asian financial crisis?
    The “old” NEAC (National Economic Action Council) was specifically created in 1997 to tackle the Asian regional financial crisis. It primarily looked at immediate short terms measures. The “new” NEAC (National Economic Advisory Council) will provide longer term fresh perspective in transforming the Malaysian economy from a middle income economy to a high income economy by Year 2020.
  2. Shouldn’t the new NEAC be assuming the role of the old NEAC since we are still in a global financial crisis?
    The Economic Council (EC) was created last year under the purview of EPU which oversees inter-ministry initiatives to tackle the global economic crisis. In a way, the EC plays a similar role to the old NEAC.
  3. What is the role of the NEAC?
    NEAC’s role is more strategic in nature, vs “fire-fighting” crisis after crisis. In the midst of the global economic crisis, the NEAC is entrusted with the responsibility of providing a fresh view on Malaysia’s strategic position in the global economic arena and recommending a transformational strategy for the country.
    The NEAC shall also provide a directional and strategic guidance on the implementation of the transformation plan to ensure that the recommendations can be effectively executed at all levels.
  4. Isn’t long term economic planning done by the EPU? Why is there a need to create another agency?
    EPU still plans the various 5-year Malaysia Plans. It is also responsible for long term budgetary and developmental planning. The NEAC will look at strategies the nation need to adopt beyond a 5-year prism. Recommendations we make may involve a more holistic approach. Another key characteristic that distinguishes the new NEAC is the fact that its Council Members are primarily non-governmental representatives. They consist of people from academia and from research think tanks as well as from the private sector.
  5. Does the NEAC have the power to implement government policies, since it is not affiliated with any ministries and agencies?
    Government policies will continue to be implemented by the respective Ministries. The NEAC will identify and propose ways to improve the public delivery system based on regular feedback by our stakeholders.