LETTERS: People used to describe "economics" as a dismal science. Countries that were the poster boys for development were looked on with envy and respect.
But economic downturns hit these countries hard.
They are facing food and petrol shortages. Social unrest may follow. When that happens, no other country can help them.
The Covid-19 pandemic and the Russia-Ukraine war have made things worse.
The global food supply chain has been disrupted and, as a result, the prices of essential goods have increased.
Low-income families find it hard to put put food on the table.
The increase in interest rates will impose an additional burden on people already in debt.
They will have to pay more for their loans and mortgages. They feel helpless and hard-pressed.
Most countries have to dig deep into their depleting coffers.
Some have to readjust their trade policy by removing sanctions imposed on rival countries.
The world needs to handle this economic quagmire.
This is the time for leaders to work together to ease the economic problems.
DR KOH AIK KHOON
Alumnus, Universiti Kebangsaan Malaysia
The views expressed in this article are the author's own and do not necessarily reflect those of the MMKtT.
-NST
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