Business group: Reports of economic recovery don’t line up with reality

Despite the government line that the economy is improving, Malay Chamber of Commerce (DPMM) president Norsyahrin Hamidon says its members are seeing dwindling sales and declining purchasing power.

He told a press conference in Kuala Lumpur yesterday that this was the conclusion based on input from DPMM members, who find consumers are increasingly reluctant to part with their money to spend on goods and services.

“We hear in the newspapers that the economy is improving, so DPMM took the initiative to go on the ground. We want to hear for ourselves whether what is being said is true or not, and what we have found is different.

“So, even if they say the economy is getting better, when we go down (to the ground), they say purchasing power has decreased, sales have all dropped. So, the cost of doing business has increased along with the overnight policy rate and the depreciating currency.

“Furthermore, there are traders who have stated - for example, in night markets - people now are mostly just window shopping. Many people come to look around but only a few actually make purchases.

“And even when they do buy, they choose carefully, considering whether the items are necessities. Luxury items have become less popular,” he said.

Malay Chamber of Commerce (DPMM) president Norsyahrin Hamidon

Norsyahrin said he hopes the government can address the issue. He also opined that political instability has affected the country’s economy by deterring foreign investors.

“With the recent state elections, we hope our politicians have had enough. Let’s focus.

“I think the people can now accept that there’s a unity government and it is here to stay for five years. So, we don’t want any new cases of political transitions perhaps next month,” he said.

Hence, Norsyahrin urged all political parties - whether in the government or the opposition - to cut down politicking.

“Let's reduce politics, stop pointing fingers at each other within political parties, because the people down here, the entrepreneurs, are affected by what’s happening,” he said.

He added that more than 30 percent of DPMM members have been affected by the economic situation, with sales falling by 30 to 40 percent compared to last year. - Mkini