It cannot be denied that, despite some hiccups, the BN Government has run the economy well. In recent history, during the financial slump of the mid-eighties and the 1998 Asian market crisis, the nation managed to hold its head above water. This is not due to good luck, or chance, but prudent planning and the existence of sound financial institutions. Bank Negara, for example, is properly managed and conducts policy based on strong fundamentals. During the troubled times of the last crisis, a unique debt re-structuring scheme was launched, which saw the country through, while others around suffered. The Securities Commission and Stock Exchange are equally well administered. Incidentally, the market has also performed rather well in recent months.  

Economic indicators have been released by the Prime Minister from time to time.  Growth rate is between 6-7%. The GDP is on the rise, while inflation and unemployment remain low. The budget deficit is narrowing steadily, and foreign reserves are high. Malaysia remains admirably competitive in the realm of world trade, with a record one trillion ringgit of trade conducted last year. Contrary to popular belief, foreign investment continues to come in. There is no need for skepticism over these figures, as one only need compare them with other ASEAN of even Asian nations.  These statistics are also available in reputable foreign news magazines.

A look at the price of essential items such as cooking oil, flour and petroleum will show that they among the lowest in the region.  To ensure that people are not burdened, the cost of cooking oil is maintained by cess collection from the big producers of palm oil, while petrol and diesel prices kept within range by subsidies from the Government.

The opposition claims that Petronas’ substantial revenue should be used to further reduce the price of petrol. This is not prudent fiscal planning, taking into account that oil and gas reserves will not last forever. Hence a proportion of Petronas’ earnings have to be invested for good returns for the nation and people in time to come.

The future of a developing country like Malaysia depends on sound governance and political stability. When these are assured, not only will it generate the local economy and instill confidence in investors, it will also accelerate the nation towards fully developed status. The good life can be sustained and appreciated by all. The BN Government has delivered throughout the years.

This is an appeal to voters to choose wisely. 

Dato Dr. S. Vijayaratnam,
Vice President,
Parti Gerakan Rakyat Malaysia.