Press Statement By Penang Chief Minister Lim Guan Eng In Komtar, George Town On 29.9.2016.
According to the World Economic Forum (WEF), Malaysia has slipped seven places to be ranked 25th out of 140 countries in the Global Competitiveness Report 2016-2017, compared to last year where it was placed 18th out of 138 countries. There is a new urgency needed to abolish GST not only to save the economy for small businesses and wage earners but also restore Malaysia’s competitiveness that dropped by 38% this year from 18th to 25th.
Malaysia is an economy in trouble. The ringgit has continued to weaken, brought about by lower oil prices and global corruption like the 1MDB and donation scandals. Economic growth has slowed from 5% last year to 4%. Worse, despite having a 4% economic growth rate, GST collection has declined by RM3.1 billion or 30% from RM10.2 billion in 1Q2016 to RM7.1 billion in 2Q2016. Continue reading “New Urgency Needed To Abolish GST Not Only To Save The Economy For Small Businesses And Wage Earners But Also Restore Malaysia’s CompetitivenessThat Dropped By 38% This Year From 18th To 25th.(e/c)”