Monday, September 14, 2015

What the opposition avoids talking about

Salleh Said Keruak

The opposition is presenting a scenario that Malaysia is going bankrupt. They also point to the fact that the Ringgit has depreciated against the US dollar and the pound sterling without taking into consideration that many other countries have also seen their currencies depreciate, some worse than Malaysia and some with even stronger economies than Malaysia.

The opposition is full of criticism without offering any ideas on how they could do better if they were running the country. Anwar Ibrahim once said that they have solutions but will not reveal this solution until they come into power. What Anwar is saying is that they will keep this solution a secret until they take over the government. Do they really have a solution or is this just talk?

Malaysia’s economy is the third largest in Southeast Asia after Indonesia and Thailand and is the 35th largest in the world. Malaysia is also the third richest country in Southeast Asia based on GDP per capita after the city-states of Singapore and Brunei. Malaysia's economy is one of the most competitive in the world, ranking 14th in 2015.

In 2009, when Prime Minister Najib Tun Razak took over, Malaysia’s PPP (purchasing power parity) GDP (gross domestic product) was only US$383.6 billion. Today it is double that. Also, in 2009, Malaysia’s PPP per capita GDP was only US$8,100. Today it is triple that. Malaysia’s household income is now RM5,900 a month, an increase of 18% over 2012. According to a report by HSBC, Malaysia will become the world's 21st largest economy by 2050, with a GDP of US$1.2 trillion and a GDP per capita of US$29,247.

Why is the opposition ignoring all this and is saying that Malaysia is headed for doom when the facts and figures show that this is not so? Furthermore, the Prime Minister has formed an Economic Council to ensure that Malaysia will remain on track and will continue to improve as 2020 approaches. These are facts the opposition never talks about.

Today, the Prime Minister announced several new measures to support the economy. Malaysia’s GDP grew 5.3% for the first half of this year and is expected to expand next year. The government is also reactivating ValueCap with a capital injection of RM20 billion and more measures are going to be announced next month during the 2016 Budget to be tabled in Parliament.

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