The country needs a new narrative. The current identity driven narrative is toxic and likely to be an economic drag.
Those who come out with public-pleasing statements such as cutting their pay, are insidious and subtle inference that you should also consider reducing your own pay so to help the economic problems we are facing in Malaysia.
Unfortunately cutting pays is not going to solve our economic problems. It is also incorrect in Malaysia’s case to focus on salaries and wages as an economic lever.
The real issue for Malaysia is the economy is stagnating. There are very little growth catalysts, not many new future-ready sectors as compared to the many old economy sectors that dominate the market.
Training the focus on salaries and wages also completely ignores that fact that costs of goods, such as commodities, finished goods globally are high, or represents a higher portion of one’s income than in many other countries.
It is better to focus attention on helping create or facilitate more economic activities especially in the future ready sectors to really help Malaysia get out of its middle income trap!
It’s election time again.
And with elections, it’s time to see politicians promise the sun and the moon. Time for sweet platitudes to win your votes. It’s time to show they understand your problems and make themselves relatable.
Unfortunately, we also live in a time where ideas to improve the country’s economic situation are severely lacking. The best we can see is putting in price controls, dishing out subsidies and cutting salaries (of the Ministers, MP etc, of course).
Sadly neither of these are really going to solve the country’s economic problems. It merely serves as pain killers to soothe the pain.
Ramadhan Kareem. Happy Ramadhan to all. May all of our prayers and deeds be blessed by Allah. May we forgive each other for all our wrong-doings. Stay safe and well, and InsyaAllah we will soon beat this pandemic.
It is good that the MCO is extended, as the battle against the pandemic is yet to be won. We are still not out of the woods and thus it is important that we remain vigilant and continue social distancing and take all the precautions to ensure that we win against COVID-19.