Wednesday, July 26, 2017
Malaysians feeling the heat of inflation, reduced incomes and retrenchment
According to the 2017 economic hardship survey report, 33.8% of respondents reported reduced incomes of between 1% and 5%.
Other than inflation, Malaysians are also suffering from thinned incomes or zero payrises, while their biggest threat comes from prospects of unemployment.
When the market loses steam, Malaysians will stand to suffer. Even if they may survive the threat of retrenchment for the time being, increasingly heavy living pressure will invariably add to their burden.
As a matter of fact, even if we manage to keep our salaries unchanged, our purchasing power has already taken a severe beating, given the depreciation of the local currency as well as spiraling inflationary pressure.
Fast rising goods prices and subdued payrises that never match the inflation rate have given many wage earners some real headache. As if that is not enough, they have to face the real threats of slashed salaries and prospects of losing their jobs.
There are a number of factors that lead to economic distress, including domestic and external factors.
That said, we still need to confront the hardship with stronger morale and a positive attitude in overcoming the challenges.
We need to manage our finances more prudently while actively exploring new avenues to boost our incomes and cut back unnecessary expenses in a bid to alleviate the smothering economic pressure.
In addition, we must also walk out of our comfort zone and improve our abilities and skills in enhancing our own self worth so as to stay relevant in the adverse economic environment.
To improve the country's economic conditions, the government is playing a very crucial role in lessening the economic burden of the people.
The government must implement projects that will jumpstart the economy and stimulate economic development.
Although the BR1M scheme has been introduced by the government with the objective of lessening the burden of the people, this measure is by no means a long-term solution. More importantly the government must ensure the healthy development of the country's economy and enlarge the economic cake so that more people will savor the fruit of the country's economic expansion.
Unfortunately politics is prevailing over economy at this moment, as rival parties are engrossed in attacking one another instead of working together to lift the country's economy.
Perhaps our politicians should spend more time to resolve our economic problems than wasting their resources on unnecessary squabbles, finding the right approach to deliver the national economy out of the current doldrums.
Posted by wikisabah at 2:31:00 PM