• Bait Al-Amanah

Special Committee on the Economy of the Future

Our world’s economy is experiencing such a great transformation, especially in terms of the rapid digitalization of the economy. Many experts believe that we are currently living in the Fourth Industrial Revolution.

Well advanced artificial intelligence, neuro-technological brain enhancements, ubiquitous mobile supercomputing, genetic editing and driverless Uber cars prove that technological advancement is happening at exponential speed. These new technologies will certainly impact all economic sectors and industries and may even challenge our ideas about what it means to be human.

The staggering numbers tell a story: Global internet population has grown from 2.1 billion in 2012 to 3.4 billion in 2016. Currently, there are more mobile devices on the planet than people. By 2020 there will be 50 Zettabytes of data generated by more than 25 billion connected devices. In addition,10% of global energy will be consumed by IT by the end of the decade. Calculations have shown that to process the world’s data requirements by 2040 using today’s infrastructure, it would consume all the energy in the world.

With all these highly rapid changes, Johor needs to chart its plan forward in its goal towards becoming a Southern Economic Powerhouse. Indeed, the future of Johor’s economy is vibrant, exciting and could be rather unpredictable.

There are still many less explored opportunities, untapped potentials and underutilized resources. With many bright opportunities available on the regional and global platform, Johor needs to be prepared to seize these opportunities for further growth and sustainable economic development. As John Sculley, the former CEO of Apple said, “The future belongs to those who see possibilities before they become obvious.”

However, many impending challenges in the future could derail Johor’s economic growth such as widening income inequality, technological change and machine automation which could create unemployment, loss of cost competitiveness, adverse geopolitical decisions and a weak global economic environment.

Hence, it is very timely that YAB Dato’ Mohamed Khaled Nordin, the Chief Minister of Johor announced recently at the EXCO Awayday 2017 that the Special Committee on the Economy of the Future will be launched soon. He added that the proposal paper on the special committee is already is its final stages.

Picture Source: The Star Online

This Special Committee comprises highly esteemed members including academicians, private economists, technology experts, sector specialists, key business figures, consultants, entrepreneurs and heads of relevant government agencies. They will consider the potential opportunities and challenges, and recommend wise economic strategies for the future development of Johor.

With the Special Committee charting Johor’s future economy, we can safely say that we are ready for the challenges that may come. As Wilferd Peterson once said: “Big thinking precedes great achievement”, we strongly believe that this committee will launch Johor towards greater achievements on the international stage.

*For media report, refer to The Star Online 

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