The productivity paradox is still alive today. Despite huge advancements in technology, digitization and data accessibility, people globally are working harder but not necessarily smarter. Organizations need to use technology tools well and cooperation within companies and governments must increase.
KUALA LUMPUR — in conjunction with the World Economic Forum – celebrating 25 years of shaping the regional agenda in South-East Asia, BCG is hosting a breakfast discussion of Unlocking the Productivity Paradox: Powering our Next Phase of Growth. The breakfast was opened by BCG Chairman, Hans-Paul Bürkner with Keynote address from Y.B. Dato' Sri Mustapa Mohamed, Minister of International Trade and Industry (MITI) with a panel of speakers including:
In the past 25 years, the region has achieved great progress and has demonstrated its aspiration to remove barriers to the free flow of goods, services and people while improving sustainability, infrastructure and livelihoods. But, it also faces many serious challenges. As the chair of ASEAN in 2015, Malaysia successfully ushered in the arrival of ASEAN Economic Community (AEC) and this year the country plays a host to the World Economic Forum. This will be an ideal platform to facilitate greater collaboration between industries, government and civil society, and to address regional challenges.
Malaysia is now at a turning point. Its overall productivity level may be higher than many of our neighbors in ASEAN, but productivity growth is slowing. Several economic sectors in Malaysia today have yet to reach productivity levels reflecting that of a growing, modern economy.
Under the current 11th Malaysia Plan (11MP), the Malaysian government is targeting national average productivity growth at 3.7% p.a. This means, by the end of 2020, labour productivity, as defined by incremental value to GDP from one worker, will reach an estimated USD 22,000. However, this journey cannot be achieved without the collaboration between the private and public sectors. It is only via such collaboration can we create effective and sustainable solutions towards higher productivity. It is the learning and feedback between private and public sectors that can ensure productivity rises not only within one firm but for all businesses across the country.
YB Dato' Sri Mustapa Mohamed, Minister of International Trade and Industry said, "Productivity sits high on our agenda. Our transition towards becoming a high income and developed economy will only be viable if we focus on innovation, technology as well as improvement in productivity. The Government is committed in accelerating sector governance reform in healthcare, telecommunications, construction and education services to address key regulatory concerns held by both industry players and regulators."
For media related matters, please contact Anita Bernardus at +62 811 189 264 or firstname.lastname@example.org
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.
Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.