while Malaysia remains resilient, bread-and-butter issues remain a top concern. — FAIHAN GHANI/The Star
MALAYSIA’s economic growth may have been reported on the desired tangent but its spillovers have yet to be felt by the masses – such is the general sentiment.
Undoubtedly, the country is still reeling from the Covid-19 aftermath, coupled with the global economic uncertainties as seen from the tumbling of oil prices, among others.
However, while Malaysia remains resilient, bread-and-butter issues remain a top concern.
Can the country be minimally unscathed in its endeavours to galvanise its economy, whilst being surrounded by ongoing challenges? Or will the people regain their fiscal comfort and strength, after suffering a series of setbacks since four years ago?
These are among the questions that might be answered at the upcoming 2024 Politics and Economics Forum (FEP2024) themed “The Reality of Political and Economic Challenges in the 21st Century”. It is organised by the Institute of Strategic Analysis and Policy Research (Insap) and strategic partner Universiti Sains Malaysia.
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The forum is divided into two sessions – the first will broach on politics, unity and nation-building, while the second session will delve into international politics and economics.
The second session will be moderated by MCA secretary-general and former deputy education minister II Datuk Chong Sin Woon; its panellists are former finance minister II Datuk Seri Mustapa Mohamed, former health minister Khairy Jamaluddin, Institute of Malaysian and International Studies senior fellow Prof Dr Kuik Cheng-Chwee, and Sunway University’s Jeffrey Cheah Institute on South-East Asia economic studies director Prof Dr Yeah Kim Leng, who is also a member of the Policy Advisory Committee to the Prime Minister.
Insap chairman Datuk Dr Pamela Yong says one reason for the theme of the forum is because like many other nations, Malaysia has experienced a slower economy compared to pre-pandemic levels.
“This slowdown is compounded by rising costs of living, which have placed a significant strain on households. The government’s introduction of new sorts of taxes to address the shortcomings of the Sales and Services Tax (SST) has further exacerbated these economic challenges.”
Yong says FEP2024 is expected to provide valuable insights into the political and economic challenges facing the country.
Yong says while the country’s gross domestic product growth seems to be positive, Malaysia needs to be cautious of possible implications brought by external factors.
“Although our recent GDP growth rate of 5.8% might appear promising, it does not accurately reflect the hardships that most of us are experiencing.
“The ongoing geopolitical tensions and conflicts, including the Russia-Ukraine War, the Middle East conflicts, and closer to home, which is the territorial disputes in the South China Sea, disrupt global supply chains, increase geopolitical uncertainty, and (poses) security threats.”
In the same vein, Yong says the second session also focuses on today’s global political economy from Malaysia’s perspective.
“(We are taking a look into current goings-on amid) geopolitical uncertainties domestically and globally such as inflations, de-dollarisation and sanctions of economics.
“To address these complex dynamics, we explore and discuss Malaysia’s strategic viewpoint based on the experience of former policymakers and topic experts on how Malaysia can cope with geopolitics uncertainties and able to become resilient.”
Yong says the FEP2024 is expected to provide valuable insights into the political and economic challenges facing the country today.
“This forum will emphasise a deeper understanding of how government policies impact economic growth, business environments, and societal outcomes on both local and global scales.
“The forum will shed light on current economic trends influenced by geopolitical tensions and regulatory changes,”
Yong says the primary objective of this forum is to serve as a platform for intellectual exchange.
“It aims to engage academics, politicians, community leaders, NGOs, students and other think tanks nationwide.
“FEP2024 is a platform for networking opportunities to connect with policymakers, industry leaders, academics, and professionals, fostering relationships that can lead to collaboration and innovation and how they might shape industries, markets, and global economic systems.”
She adds that FEP2024 seeks to discuss the country’s current political and economic landscape impartially and thoughtfully.
“This is to help to discover actionable strategies for businesses, governments, and individuals to adapt to evolving political and economic landscapes.”
FEP2024 will be held on Wednesday, Sept 18, at the International Youth Centre (IYC), Cheras, from 9am to 5pm.
For more information, go to insap.org.my/fep2024/. Those interested can register at bit.ly/fep2024.
