The way forward on the economy

Photo credit: FMT

We have never used the ringgit for trading. We have always used the USD.

The mistake the gov’t made was to include income from gas and oil in the National Budget. We should not have done that.

The gov’t should have put revenue from oil and gas in a National Fund for Investment and not touched it. It should have been kept for future generations.

In that case, it doesn’t matter whether crude oil prices go up or down. The ringgit will be safe. It can be backed by the National Fund besides Bank Negara reserves.

By including oil and gas revenue, mostly stolen from Sabah and Sarawak, in the National Budget, the ringgit has been affected.

The only way forward is to scrap the ringgit and use the USD.

Already, businesses are keeping their export earnings in USD.

The weak ringgit affects imports and creates inflation, driving up prices, the cost of living, lowering the standard of living and affecting development plans.

In future, there will be no development by the government. The GLC and GLICs will play an even more important role in the economy.

The civil service will be affected. The gov’t will not have enough revenue to pay 1.6 million federal civil servants.

There must be a freeze on intake of civil servants and the 1.6 million must be brought down.

More people would have to seek jobs overseas. This includes Malaysia supplying maids and unskilled labour to countries which need them.

More Malaysians should seek skilled jobs in India and China. These are huge economies which need skills. India, for example, need dim sum makers and electricians and other skills in building and infrastructure etc.

India and China have a large population but not enough skills.

We have to completely stop importing labour to preserve foreign exchange reserves.

The hospitality industry has to be stepped up to bring in more foreign exchange. AirAsia should bring in three million tourists each from India and China to Sabah, Sarawak and Malaya. Only India and China can provide the numbers.

We have to grow more food at home for us and for export.
Evonomist

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