BUSINESS

MTEM: INCORPORATE LONG & SHORT-TERM MEASURES TO REDUCE ECONOMIC BURDEN

13/02/2019 07:07 PM

KUALA LUMPUR, Feb 13 (Bernama) -- The Malay Economic Action Council (MTEM) hopes the newly minted Economic Action Council (EAC) will not only focus on renewing long-term measures but must also look at short-term plans that are able to reduce the economic burden faced by the people.

It urged the government and the EAC not to put the reduction of Malaysia’s fiscal deficit as the main priority.

“The reduction of the country’s fiscal deficit has become the main focus of the government since the 14th General Election and this has caused a huge drop in government expenditure.

“This reduction (in expenditure) has most probably caused Malaysia’s economy to expand at a slower pace.

“Unfortunately, people with low income are much more affected by the slower economic growth because they are lack of savings to meet the econmic shocks such as losing their jobs,” it said in a media statement today.

The EAC should also place key emphasis on developing the Bumiputera economy and reduce the severe wealth gap.

On Monday, the Prime Minister's Office announced the appointment of 16 members to the EAC, which is chaired by Prime Minister Tun Dr Mahathir Mohamad.

The members are Economic Affairs Minister Datuk Seri Mohamed Azmin Ali; Finance Minister Lim Guan Eng; Minister of International Trade and Industry Datuk Ignatius Darell Leiking; Works Minister Baru Bian; Economic Adviser to the Prime Minister Dr Muhammed Abdul Khalid; former International Trade and Industry Minister Tan Sri Rafidah Aziz and Permodalan Nasional Bhd (PNB) chairman Tan Sri Dr Zeti Akhtar Aziz.

The other members include Council of Eminent Persons (CEP) member Prof Dr Jomo Kwame Sundaram; Public Bank managing director Tan Sri Tay Ah Lek; Majlis Amanah Rakyat (MARA) chairman Dr Hasnita Hashim; Bursa Malaysia chairman Datuk Shireen Ann Zaharah Muhiudeen; and ASEAN Business Advisory Council, Malaysia chairman Tan Sri Dr Mohd Munir Abdul Majid.

-- BERNAMA


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