“More than the United States. More than Australians. We are the highest in the world. Is that the way we want to go? I don’t think so,” he told a forum tonight on the economic policies under the Pakatan Harapan government.

He said the proposal by Mahathir should be subjected to a mature debate.

“We have already lost so much money on Proton, let’s not lose any more money,” said Jomo.

He said major car manufacturers such as Germany are planning a “post-automobile age”, and as such Malaysia must think carefully before committing to a third national car.

Since coming to power, Mahathir, who criticised the sale of Proton to Chinese car maker Geely last year, has called for a new national car project, potentially with cooperation from Japanese manufacturers.

Revamped TPP

Meanwhile, Jomo in his speech also hit out at the revamped Trans-Pacific trade agreement, which Mahathir reportedly said Malaysia would ratify.

Jomo said the 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) may have good objectives but he warned that “the road to hell can be paved with good intentions”.

“The proponents basically did shopping. They went around looking for data that could fit their arguments and then touted that data. It is the model of choice because it was convenient.

“But the fact is, anybody who is in the field will tell you that that model is outdated and the premises of that model is to be fundamentally questioned,” said Jomo.

CPTPP, which was promoted by former US president Barack Obama, was renamed after President Donald Trump pulled out from the pact.

In a recent interview with a Thai television channel, Mahathir said Malaysia would go ahead to sign the treaty as the US was no longer a partner.