develop assignment.docx - Development Economy Human Capital Development in Malaysia Introduction A country can be examined from many perspectives to

develop assignment.docx - Development Economy Human Capital...

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Development Economy -- Human Capital Development in Malaysia Introduction A country can be examined from many perspectives to ensure it is developed or developing country. There are some basic index to examine it, for example: through GDP, unemployment rate, Income per capita, Inflation rate and so on. All this index is a mathematical data analysis base and might not 100% directly affect to human life. Some of the country has a high GDP but low ranking in Human Development Index (HDI), this may not consider them as a developed country. In India, they recorded a highest growth of GDP of 7.5% in 2015, but it’s HDI attend 130th position among 188 countries from the United Nations Development Program (UNDP) report in 2015. 1 This show that GDP has not directly relationship to a development of a country, but it is still a main point in a developed country. There are many third world country keep going with their GDP growth with increase the export and reduce import or increase the expenditure in Consumer, Government and Investment, but they neglect the importance of human’s quality which is human capital. Human capital is one of the important fundamental to define the development of a country. Many countries are giving a huge of amount on their developing of human capital because it will directly affect to a country’s economic growth. An investment on human capital can be invest in education or health of citizens, this investment may not have return rapidly but will gain the return in maybe 5 years or more. Development of education not only on child or student but also for employee. Human capital development is an important supporter for driving and sustaining Malaysia’s economic growth. The quality of a skilled workforce is needed to support the transition of all economic sectors towards knowledge-intensive activities, drive labour productivity gains, and attract investment into Malaysia. Furthermore, an efficient and inclusive labour market will resolve mismatches in workforce demand and supply, and enable all Malaysians to participate in and benefit from the nation’s economic growth. Investments in education also play a pivotal role in improving social mobility and the wellbeing of the people. 2 1 - india/ 2 %205%20-%20Human%20Capital.pdf
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Definition of Human Capital Human Capital is defined by the Organisation for Economic Co-operation and Development (OECD) as the knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social and economic well-being. Human Capital is a scope of the skills, education, capacity and attributes of labour which influence their productive capacity and earning potential.
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