On Wednesday, our ringgit hit rock bottom compared to the US Dollar, since the Asian financial crisis in 1998. Why has both the prime minister, Ismail Sabri Yaakob and the finance minister, Tengku Zafrul Aziz gone silent altogether?
The Ringgit is currently at the lowest point for the first time in 24 years, and if this is not an economic crisis, then what is? This is a question that everyone on the street is asking the undemocratic ‘backdoor’ government led by Ismail Sabri. Many are appalled with the lack of initiatives by Ismail to help them during the current economic downturn.
After the staggering drop in exchange rate, the nation cannot afford to be lied to anymore. It is time for the government to be upfront and tell us if we are now in a recession. They must also tell the nation how to ride out of the economic storm rather than let our country still running on ‘auto pilot’ mode.
The exchange rate will surely raise the prices of imported goods; hence, the inflation will increase steeply. This will affect both middle-income and lower income groups. Efforts must therefore be made proactively to improve the national food security in order for us not to over-depend on imported foodstuff. Will the people, who now have to pay for higher prices of imported foodstuff, also suffer from the recent increase in Base Lending Rate?
Since the pandemic, many people in the M40 category have also slipped into the B40 level. This is a danger that, if nothing concrete is done, the economic crisis may escalate to a worse situation. Efforts should be made right now to improve the economy instead of going for another general election.