Johari on 3 critical factors needed to heal the economy

The former second finance minister emphasized the need for political stability, capacity and trust to help the country improve its struggling economy.

Johari Ghani, who is also the Member of Parliament for Titiwangsa, said that the country must prepare for short-term pain for the benefit of future generations. Keep up to date by following the FMT Telegram channel
On Tuesday, during a debate in the Dewan Rakyat, Johari highlighted the challenges facing the economy, such as slow economic growth, reduced household income, unemployment and underemployment, low government funding increases in poverty.

“We cannot have three prime ministers in four more years. Investors will lose confidence,” he told FMT in an interview, adding that all parties must do their part to ensure political stability. He said political stability was essential to ensure that necessary but unpopular policies would not be abolished in the event of a change of government. .

In 2018, the government led by former Prime Minister Dr. Mahathir Mohamad abolished the unpopular Goods and Services Tax, a move that resulted in an estimated annual revenue shortfall of RM20 billion. Second, we need a team, an experienced and competent team to solve the problems. facing the country and develop short and long term strategies. People should be informed of these processes, including the reality of dealing with long-term pain and long-term benefits.

He cited the example of targeted oil subsidies, saying it was not an easy decision but an important one. The government has considered the use of targeted fuel subsidies, which could help reduce public spending. Last year, some RM37.3 billion was spent on fuel subsidies. “Thirdly, we must have a government that is trustworthy and reliable, so that the people, who will endure short suffering, trust us.

“When you see a doctor and are prescribed bitter medicine, you take it because you believe it will cure you, don’t you? It’s because you trust the doctor. But if you don’t trust your government, will you buckle up if asked? No, you won’t.

“So if the government has a competent, reliable, experienced and capable leader with political stability, it can carry out (its plans) and the people will trust you,” Johari said.