Friday 29 Mar 2024
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This article first appeared in The Edge Malaysia Weekly on October 22, 2018 - October 28, 2018

By many accounts, the mid-term review of  the 11th Malaysia Plan looks good. Economists have lauded the updates as realistic and rightfully zoomed in on the right priorities.  These updates include emphasising prudent debt management and fiscal discipline by cutting development expenditure. Gross domestic product expansion targets were also revised from between 5% and 6% to between 4.5% and 5.5%.

In a nutshell, Putrajaya has managed to strike the right balance in supporting economic growth while balancing the well-being of Malaysians against the backdrop of fiscal constraints.

Finding the right balance is not easy and credit is due. But now, the hard work begins.

It is worth remembering that this is the new government’s first real opportunity to lay out its strategic direction for the nation since winning the general election. The people, who voted for a historic change in government, have already tasted the bitterness of disappointment as many promises in the election manifesto are now deemed unrealistic, considering the state of finances.  The backtracking has fuelled lingering scepticism on whether Pakatan Harapan is capable of steering the nation forward.

Therefore, it cannot be stressed enough how critical it is for the new government to up its execution game. Next up will be the tabling of Budget 2019  on Nov 2. That will be the second opportunity for it to show Malaysians it has a firm hand on the tiller.

The clock is ticking and the people are watching. The new government should execute wisely and not be distracted by grandstanding and politicking.

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