MALAYSIA is a country adopting the Constitutional Monarchy and Parliamentary Democracy. It upholds the supremacy of the Constitution and determines the role and level of authority at both the Central and State levels.
Under which, Malaysia exists and is internationally accepted as an independent and sovereign country. The concept of ‘superiority’ of the Constitution itself highlights Malaysia’s ability to gain the confidence of the world and be at par with other sovereign nations.
However, since Pakatan Harapan (PH) came to power, Malaysia has begun to show signs of economic declination. Efforts and programs by the previous Barisan Nasional (BN) Government were stopped or amended drastically.
The modern and globally-recognized tax system as transparent was abolished to restore a tax system that benefited large numbers of ‘towkays’.
This has caused the government facing ‘lack of revenue on the back of increased expenditure’ situation, resulting in the country’s debt at a very fast and sharp rate as well as dwarfing the BN -era loan record.
Investment in high-impact projects for the benefit of the people were halted for dubious justification. Not only that, when PH failed to keep up to their promise of ‘reforming’ democracy, investors’ confidence began to fizzle out, thus leaving the country to an unattended condition.
It has led to an outflow of foreign funds amounted to tens of billions of ringgit and a significant decline in FDIs as compared with neighboring countries amid warnings from global credit rating agencies.
Even more frustrating is when the current government seems to be pursuing PH’s economic philosophy and the fulfillment of the promises of democratic reforms that they can introduce to boost the global confidence.
The culmination is when the Emergency Proclamation which led to the Parliament under freeze even though His Majesty the Yang di-Pertuan Agong has said it can convene. More worrying is when the power of Parliament to approve government spending is also suspended.
And now, the government can spend indefinitely without ‘check-balance’ by elected representatives of the people. What is happening to this democracy?
So, do not be surprised with the rosy figures and indicators of the country’s economy. They can always fabricate it. Don’t blame the COVID-19 pandemic when neighboring countries are drawing more foreign investments. The global community and investors are observing us!
How to convince them in this disarray situation? Among their key questions are, ‘will our investments be protected by Malaysian law?’, ‘can we still take home our profits’ and ‘what sectors does the government want to focus on?’
We do not a definite answer to all that because the current government seems to be busy with politics rather from thinking about the country’s economic survival and the well being of the people!
DR ASYRAF WAJDI DUSUKI
UMNO Youth Movement Chief