Skip to main content

Market confidence dwindling, government needs to step up plans

 



Press statement by MCA Economic Consultative Committee Chairman Tan Tuan Peng

As shown by recent reports of the Ringgit’s downwards trend and the continued inflation of the prices of goods, many Malaysians are no doubt in dire straits, especially those from the bottom and middle-income category. In fact, the hope and optimism of the masses that the new Unity Government would strengthen the economy, have only grown dimmer each day.  

The change of the government gave the people a ray of hope, especially towards the newly appointed Prime Minister, Dato’ Seri Anwar Ibrahim. However, the Cabinet as a whole and its Deputies have not been able to produce substantial positive change for the Rakyat’s daily life.

Therefore, I urge the Cabinet to review the current situation and swiftly implement concrete plans that can help strengthen Malaysia’s economy and lift up the people from the current economic predicament.

As we have seen previously, even with Bank Negara’s decision to raise the Overnight Policy Rate, the Ringgit remained unmoved. This shows that in order for the Ringgit to truly strengthen against other currencies, Malaysia’s entire economy has to put in work to raise our national economic strength. Otherwise, the continued depreciation of the Ringgit will be extremely detrimental to our nation and its people.

With the devaluing of the Ringgit, the prices of goods will invariably go up due to the affected supply chain. A small family with a usual food expenditure of RM2000 could end up spending up to RM1000 more for the same provisions under a weaker economy. Furthermore, the price of imported goods will rise, and inadvertently this increased cost will also be passed on to consumers.

As both the Prime Minister and Minister of Finance, Dato’ Seri Anwar together with Minister of Economy, Rafizi Ramli needs to take up the responsibility to lift up Malaysia’s economy. If the Ringgit continues to shrink, foreign investors may lose confidence and exit, making it harder to recover and the people’s life more difficult. In such times, it would not be surprising that a poor and suffering populace would be extra critical of the government.

Labels:

Comments

Post a Comment

Popular posts from this blog

Accidents caused by heavy vehicles are a growing threat to road safety

  The frequent occurrence of accidents involving trucks and trailers in Malaysia has become a pressing concern, highlighting systemic issues within the country's transportation and enforcement systems.  These heavy vehicles, essential for the logistics and supply chain sectors, have been implicated in numerous fatal accidents, often due to negligence, poor maintenance, or inadequate oversight. One of the glaring problems is the lack of enforcement on overloaded trucks. Overloading not only compromises the stability of these vehicles but also accelerates wear and tear on roads, increasing the risk of accidents.  Despite stringent regulations, enforcement remains inconsistent, allowing errant operators to prioritize profits over public safety. Driver fatigue is another critical factor. Many truck drivers endure grueling hours to meet delivery deadlines, often at the expense of rest and alertness.  Without strict adherence to working hour limits and proper monitoring me...
Post a Comment
Read more

CIA Declassified: Current Situation in Malaya

17 November 1949 SUMMARY Primarily, Malaya is of importance to the US because it is the world's greatest producer of rubber and tin. In 1948 Malaya produced almost half of the total world production of natural rubber and more than a third of the world production of tin. World War II brought forcibly to US attention the importance of these vital commodities to a war-making machine; they retain their importance, if less urgently, in time of peace, and are on the lists of strategic materials designated for US stockpiling. Through the rubber and tin industries, Malaya is the sterling bloc's biggest dollar-earner. As such, Malaya's economic position materially affects that of the UK in the Western Alliance and thus affects ERP and other US financial commitments in Europe. Of secondary but considerable importance are Singapore's extensive naval facilities and strategic location on world shipping lanes. Control of the Malayan peninsula, and especially th...
Post a Comment
Read more

10 Quotes

Nothing is permanent in this wicked world - not even our troubles.. -  Charlie Chaplin Never go out to meet trouble. If you will just sit still, nine cases out of ten someone will intercept it before it reaches you. - Calvin Coolidge Sanity calms, but madness is more interesting. - John Russell An adventure is only an inconvenience rightly considered. An inconvenience is an adventure wrongly considered. - G. K. Chesterton Humankind cannot stand very much reality. - T. S. Eliot The penalty for success is to be bored by the people who used to snub you. - Nancy Astor Every person takes the limits of their own field of vision for the limits of the world. - Arthur Schopenhauer In a time of universal deceit, telling the truth is a revolutionary act. - George Orwell It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something. - Franklin D. Roosevelt Life is like playi...
2 comments
Read more