Background

The National Economic Advisory Council (NEAC) was formed by the Prime Minister of Malaysia in May 2009 to formulate an economic transformation model for the country. Its mandate reads:

• The Council shall provide a fresh, independent perspective in transforming Malaysia from a middle income economy to a high income economy by Year 2020. 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 Council will serve as a tool to bridge the gap between public and private sectors; create a new public-private partnership; intensify regional cooperation; and increase global competitiveness.
• 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.

The NEAC published its findings and recommendations in two documents, Part 1 of New Economic Model for Malaysia and New Economic Model for Malaysia: Concluding Part, in March and December 2010, respectively. With this, the Council completed its mandate on 31 May 2010.