Penang’s Hopes Of Achieving High-Income Status Of RM40,841 Or USD$12,467 GDP Per Capita By 2015 Crushed By The 20% Drop In Ringgit To US Dollars From RM 3.27 To RM 3.95.(e/c)

Press Statement By Penang Chief Minister Lim Guan Eng In George Town, Penang On 11.8.2015.

The World Economic Forum Human Capital Report defined a high-income economy as one whose Gross Domestic Product or GDP per capita reaches USD$12,467 or RM 40,841 based on the exchange rate of RM3.27 for USD$1. Unfortunately the present precipitous drop in the ringgit today to RM3.95 to USD$1 means that our wealth has diminished by at least 20%.

Penang’s hopes of achieving high-income status of RM40,841 or USD$ 12,467 GDP Per Capita by 2015 crushed by the 20% drop in Ringgit to US Dollars from RM 3.27 to RM 3.95. Instead of RM40,841 as the benchmark to achieve high-income status, the 20% drop in the ringgit means that the benchmark has been increased to RM49,245.

Penang was expected to achieve a GDP per capita of RM42,251 based on a population of 1,681,922 people and a GDP of RM71,063 million by 2015. However the RM42,251 GDP per capita that would have made Penang a high-income economy because it exceeded the previous high-income benchmark on RM40,841, was based on the previous exchange rate of RM3.27 to USD$1.

Based on the current exchange rate of 3.95 or 20% drop in the value of the ringgit, Penang’s 2015 estimated GDP per capita of RM42,251 is still far off from the new revised high-income benchmark of RM49,245. This goes to show the cost to Penangites in terms of price inflation due to the drop in the ringgit, but also Penang missing out from being a high-income economy.

This 20% drop in value of the ringgit in less than a year shows the need for our national leaders to stop being in denial syndrome by ignoring the failure of the economic management, their failed economic policies and refusal to account or admit that the RM42 billion 1MDB financial scandal and the RM2.6 billion donation deposited into the Prime Minister’s personal account, has caused a complete and comprehensive loss of confidence amongst foreign investors and the local business community.

For Penang, instead of achieving high-income status, we may have to wait another 5 years to achieve high-income status and perhaps another 10 years to achieve the Vision 2020 target of USD$15,000 GDP per capita. All this because of 1MDB! If the Prime Minister still thinks that 1MDB is worth it and that it is not wrong for RM2.6 billion donation to his personal account to help BN win the 2013 general elections, then he should go back to the voters and let them decide in a fresh general elections.
LIM GUAN ENG

—– Mandarin Version —–

民主行动党秘书长林冠英于2015年8月11日在槟城乔治市发表声明:

槟州希望在2015年达致4万841令吉(或1万2467令吉)人均所得的高收入地位,这个梦想因马币兑美元下跌20%(从一美元兑3令吉27仙跌至3令吉95仙)而粉碎。

世界经济论坛人力资源报告定义高收入经济为“以1美元兑3令吉27仙为准,人均所得应达1万2467美元或4万841令吉。不幸的是,近日来马币连连受到重挫,今天1美元兑马币跌至3令吉95仙,证明我们的财富已经减少20%。

槟州希望在2015年达致4万841令吉(或1万2467令吉)人均所得的高收入地位,这个梦想因马币兑美元下跌20%(从一美元兑3令吉27仙跌至3令吉95仙)而粉碎。高收入经济的标准不再是4万841令吉,马币兑美元贬值下跌20%意味着高收入经济的标准需提高至4万9245令吉。

槟城原本估计到了2015年,168万1922名人口的人均所得为4万2251令吉,国民生产总值为710亿6300万令吉。根据之前1美元兑3令吉27仙的高收入标准为“4万841令吉人均所得”,原本“4万2251令吉人均所得”可以让槟城晋身高收入经济。

但是,以目前1美元兑3令吉95仙、或马币下兑美元下跌20%的情况来看,2015年槟城人均所得4万2251令吉,距离新的高收入标准4万9245令吉还很远。这也显示槟城人因马币贬值而面对通货膨胀,也失去成为高收入经济体的机会。

马币兑美元在短短一年里下跌20%,显示我们需要国家领导人停止做鸵鸟,处于“否认症候群”,无视失败的经济管理,失败的经济政策及不承认一马机构420亿令吉丑闻以及26亿令吉汇入首相私人户头的捐款,已经让外国投资者及本地商家完全失去信心。

至于槟城,我们不但晋身不了高收入经济,我们可能还需要另外5 年来成为高收入经济,甚至另外10年才能达到年收入1万5000美元的2020宏愿。这都是一马机构造成的!如果首相还是认为一马机构利国利民,以及利用利汇入其私人户口的26亿令吉捐款来协助国阵赢得2013年全国大选都没有错,那么他应该向选民交代,由选民选在大选中重新做选择。

林冠英

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