The Fading Roar Of The Ringgit

In the pulsating city arteries of Kuala Lumpur, the verdant terrains of Cameron Highlands, and the irresistible food stalls of Penang, our country’s heartbeat remains diverse and robust. Braided together by a colorful spectrum of cultures and a collective aspiration for economic prosperity, we face a pressing concern – the health of our national economy.

The fluctuating value of the Ringgit, previously a headline confined to the business section, has now entered our daily speech. Today’s exchange rates – a British pound fetching 5.83 Ringgit, a US dollar valued at 4.62 Ringgit, and a Euro standing at 4.99 Ringgit – impose a growing strain on many of our households, particularly those within the B40 and M40 income groups.

Now, six months into the tenure of the current Pakatan Harapan Barisan-Nasional (PH-BN) government, it’s an opportune moment to seek answers and progress. The performance of our export sector, a critical component of our national economy, has not met its full potential. This realization isn’t a mere observation; it’s a catalyst for innovative strategies.

One such proposition is to leverage our homegrown products, adding value to them before they embark on their international journey. This approach can breathe life into domestic industries while enhancing the competitiveness of our exports.

Strategically poised on the global maritime map, Malaysia sits on a gold mine of trade opportunities. However, it begs the question – are our maritime laws robust enough to safeguard and maximize these inherent advantages?

Given the complications of the global economy, the counsel of experts becomes crucial. By incorporating insights from various industries into the policy-making process, we can arm ourselves with the necessary toolkit to navigate the maze of global economic challenges.

In addition, it’s high time we reevaluate our import policy. By promoting the consumption of locally produced goods and reducing our dependence on imports, we not only bolster domestic industries but potentially create a surplus for export.

The concept of a circular economy, which promotes sustainability through waste reduction and recycling, merits serious consideration. Embracing this model aligns Malaysia with the global momentum toward environmental sustainability.

Do you remember when Malaysia was hailed as the “Asian Tiger,” synonymous with rapid development and industrial dynamism? It’s time to revisit those glory days and question whether our government is doing enough to reclaim that status.

Look at Poland. Following a period of transformative change post-communism, several reforms strengthened Poland’s zloty. Fiscal discipline, prudent policymaking, and support for domestic industries were the cornerstones. These tactics, though tailored for Poland, offer valuable insights for us.

Is the government capitalizing on every opportunity to revitalize our economy? Are we leveraging ‘value-addition’ effectively in our export industry? Do our maritime laws adequately safeguard our interests? Are we transitioning towards a circular economy in a manner that benefits all Malaysians?

The journey to economic resilience is a shared one, affecting all Malaysians – from skyscraper offices to rural plantations. It may be strewn with challenges, but united in our diversity and shared aspirations; we can weather any storm. The future of our economy is in the hands of every Malaysian as much as it is in our leaders’. Together, we can chart the course to a prosperous future.

-Bersatu Federal Territories Information Chief Mohd Rais

Previous articleMalaysia Registers 3% Inflation, With Stronger Disinflationary Impact On EM: Moody
Next articleShell Malaysia Scholarship Programme 2023 Now Open For Application


Please enter your comment!
Please enter your name here