KUALA LUMPUR, April 30 — Lim Guan Eng today declared Pakatan Rakyat (PR) as Malaysia’s only hope to escape from what he described as a vicious cycle of debt, inflation, stagnant wages and corruption under Barisan Nasional’s (BN) over half-a-century rule.
The DAP secretary-general cited PR’s track record in Penang as proof, noting that while Putrajaya continues to struggle with managing an economy burdened by corruption, leakages and debt, his administration in the northern state has been thriving with a record surplus budget of RM453 million and reduced income inequality over the last five years.
“It is clear that Malaysians need a lifeline when the federal government can offer no salvation.
“Only a PR government with a proven track record can fulfil the people’s aspirations for a competent, accountable and transparent government that will ensure economic growth and equitable distribution,” said Lim.
In his May Day message, the Bagan MP said that Malaysia’s 14.2 million-strong labour force is still riddled with household debt that is the highest in Asia.
“As the cost of living escalates, especially with the newly implemented GST, Malaysians will struggle to make ends meet as wages are not rising in tandem with productivity. In the end, not only do they borrow more, they also end up using more of their income to service their debt,” he said.
Guan Eng also pointed out an increase in the unemployment rate at 3.2 per cent at 455,000 of the workforce as of February 2015, while the Malaysian ringgit and capital markets were the worst performers in Asia in 2014.
“Despite all the hype from Prime Minister Datuk Seri Najib Razak about the success of BN’s economic transformation programme, the reality is that a six per cent economic growth in 2014 means very little to ordinary Malaysians who remain mired in household debt and a widening income gap.
“What is the point of transforming Malaysia into a high-income advanced economy by 2020, when EPF data shows that 62 per cent of Malaysians still earn below RM2,000 a month? The median monthly wage of Malaysians is RM1,700,” he said.
The Penang chief minister said that the recent uproar over the EPF’s proposal to raise the full withdrawal age limit to 60 from 55 showed that Malaysians have no faith in the government’s ability to manage their money and what the nation’s sovereign wealth is used for, particularly after the 1MDB scandal.
He said in comparison, Penang has not only managed to record a budget surplus of RM453 million from 2008 to 2013, but also turned the surplus into an anti-corruption dividend through social welfare programmes to the tune of RM287 million to help vulnerable groups.
“As a result, the present PR Penang state government has managed to reduce its income inequality with a Gini Coefficient of 0.37 from 0.42 before, the best in the country in reducing income inequality,” he said.
