One of the many important lessons of the 1997 Asian Financial Crisis is to act before any occurrence of shock to an economy is felt but not to act excessively or respond negatively that could lead to market failures. In this regard, it is imperative to know and understand the features and elements of an economy in order to be able to design and formulate sound policies. With an economy constantly changing to meet local and global demands, it is not surprising that the economic structure, too, is experiencing transformations, be it from agrarian to industrialization or from a middle income country to a developed one. Regardless of the transformation, what matters most is to ensure that the transformation leads to a robust and progressive economy based on the tenets of sustainable development such as inclusive growth, equality and holistic development in order to enhance the standard of living of our society today.
This includes tackling issues and challenges related to youth development as youth plays a critical role in the development of an economy. Broadly, youth makes up at least one third of a nation’s population. In Malaysia, the youth makes up at least 40 percent of its population. Naturally, their actions and decisions have a significant impact on the economy and society at large. With current changing economic scenarios, making decisions that maximizes youth participation can be a great challenge.