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Malaysia: Achieving lofty goals by thinking big
October 11, 1997
Web posted at: 3:07 p.m. EDT (1907 GMT)KUALA LUMPUR, Malaysia (CNN) -- In the heart of the Malaysian capital Kuala Lumpur, the world's tallest buildings jut from the downtown landscape as if reaching for the heavens. The buildings seem to reflect the nation's tremendous energy, a thriving pulse always striving for bigger and better.
Malaysia already has the largest flag in the world and is constructing the first futuristic electronic city and the world's longest building. And the country plans to build a gigantic hydroelectric dam in the jungles of Borneo.
It's all part of an ambitious economic plan that calls for Malaysia to become fully developed by 2020, spurred by public spending of up to $65 billion.
The impetus comes from Malaysian Prime Minister Mahathir Mohamad, who has remained in power for more than 16 years and who transformed the economy into a bustling economic powerhouse, hitting growth rates of nearly 9 percent for nine consecutive years.
"For too long, we felt we couldn't do anything. We were powerless. And now we feel empowered," political analyst Noordin Sopiee said, referring to the country's rampant economic growth.
"There are excesses and there are dangers to guard against. But it's going to allow and enable us and empower us to do many, many things, which we never dreamt we could do," he added.
But not everyone in the predominantly Muslim nation of 21 million agrees with the direction growth is taking. Economists have warned that the economy could be overheating.
"I'm not sure whether everything that we do in the name of development and progress would be endorsed by most of our people," said political analyst Chandra Muzafar. "I'm not sure whether it's important for us to have the tallest building in the world."
CNN's Maria Ressa discusses the advantages and drawbacks of Malaysia's aggresive economic plan
2 min. 40 sec.VXtreme video
An economic downturn in Southeast Asia that began with a currency crash in Thailand in July and spread to neighboring nations has rocked Malaysia's currency, the ringgit, and led to fingerpointing.
Mahathir blamed American billionaire George Soros for deliberately undermining the Malaysian economy to counter emerging competition from Asian markets. Soros has denied he has caused the ringgit's plunge, and, in turn, has called Mahathir a menace to his own economy.
Meanwhile, Mahathir and the Malaysian government defend their vision to modernize the country, which includes building a high-tech government center at a cost of $8 billion. They say that by thinking big, Malaysia can reach its goal.
Correspondent Maria Ressa contributed to this report.
Related stories:
- Ships collide in thick Malaysia haze; 29 missing - September 27, 1997
- Financier Soros rejects blame for Asian market turmoil - September 21, 1997
- Land-clearing fires foul Malaysia's air - September 19, 1997
Related sites:
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- Malaysian Parliment
- Malaysia Information Network - operated by Malaysian government
- Unofficial George Soros Homepage
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