PETALING JAYA: An analyst has warned of a bleak economic future for Malaysia if the Opposition is voted into power in GE14.
Centre for Research, Advisory and Technology chief executive officer Ng Yeen Seen said Malaysia will be sidelined by China from the Belt and Road Initiative.
She said the Opposition will cease all China-linked projects such as the East Coast Rail Link, Tun Razak Exchange and the Country Garden Forest City development.
Malaysia’s palm oil industry problems will then be compounded with a boycott by China, she said.
She said many will be expected to lose their jobs if China decides to use another route to bypass Port Klang.
The abolition of the Goods and Services Tax (GST) will also result in a huge loss in revenue for the Government, she said.
According to her, government employees will be expected to lose their jobs as Petronas is no longer a formidable force like it was in the 80s, 90s and in the first decade of 2000.
“The Government will have to find alternative sources,” she said in a statement yesterday.
She added that this will result in national debt rising as it did in the 80s and 90s as privatisation will see a significant increase to sell more assets to “friendly parties” via cheap loans guaranteed by the Government.
Furthermore, as the Opposition has vowed to abolish tolls, Ng said the Government will have to borrow money from the United States, for example, in its plans to buy back these assets.
Ng said this was because the Government no longer had the oil money it once had in the past, coupled with China and the Middle East not being as strong as they were due to falling oil prices.
Although the abolition of BR1M will result in the B40 group being encouraged to work in newly privatised companies, she said this will hamper the nation’s dreams of becoming a high-income nation.
“To be globally competitive, these privatised companies will have to keep costs low and our high-income nation dreams will be destroyed,” she said, adding that foreign workers will return to compete with locals.
She pointed out that this will result in Industry 4.0 modernisation not happening and the country falling behind nations such as Thailand, Vietnam and Indonesia by 2023.
ANN
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