Ipoh Economy Forum
Sep 22nd, 2006 by Tian
The forum was attended by more than 100 people. It was chaired by Dr Lee Boon Chye. I was the first speaker, and followed by Tan Sri Khalid Ibrahim.
The main point of Khalid Ibrahim was that Budget 2007 failed to address the structural problems of Malaysian economy. The portion of operation expenditure and development expenditure five or six years ago was to the proportion of about 5:5 or 6:4. Nowadays the operation cost of the government is 112.9 billions, and only 46.5 billions for development expenditure.
In other words, the national spending on running the government, read: bureaucracy, keeps increasing. Meanwhile money allocated for development is getting less.
The government is unable to formulate strategy to attract investment or to increase competitiveness of our workforce. We are overly dependent on petrol profit.
Khalid used an analogy of a household budget when the spending increases continuously yet there is no growth of income. The inability to upgrade our competitiveness is limiting our potential of economic growth. The greatest hindrance is no doubt the New Economic Policy and its abuses.
Khalid had given quite an indepth analysis of what went wrong with our economy and the NEP. However the key message delivered was that we have to do something to change. We must reclaim our rights as taxpayers, and to show that we are concerned.
Otherwise, the country’s economy will continue to slide downward.
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