Economist: “The honeymoon period for the new Finance Ministry is likely to be a short one...'
Granted, while the onus is not completely on the FM to make things right and neither is it completely within his power to do so, observers say he must quickly set the pace and get down to work.
Tengku Zafrul is also taking on the top job amid much criticism, considering the controversial way in which Malaysia’s new government came into power just two weeks ago. It is estimated that for every US$1 per barrel fall in oil price, the revenue that comes from it will be cut by RM300mil, which means a US$10 fall translates to a slashing of RM3bil in revenue.“While Prime Minister Tan Sri Muhyiddin Yassin himself has floated the idea of a GST re-introduction, it is probably tough to do so now, given the political considerations plus the fact that it will be coming at a time when consumption is already challenged by the Covid-19 outbreak and all, ” Wiranto says.
“Given the fragile domestic economy owing to subdued oil and gas prices, weak global manufacturing, lackluster investment, the fall-out of Covid-19, and weak external demand, we revise our forecast for Malaysia’s annual growth in 2020 from 4.3% to 3.6%.”IDEAS’ Salman believes that Malaysia can achieve a balanced budget if wasteful expenditures are controlled.
OCBC’s Wiranto cautions that downside risks remain, even after revising dowward his expected growth rate for Malaysia this year to 3.7% “It is important to have an objective assessment of the current situation, but more importantly, there needs to be coordination between the key ministries related to economic and financial matters.”“Previously, there was no one voice and messaging lacked consistency.”
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