Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 16): The measures taken by the Pakatan Harapan government such as removing the goods and services tax (GST) and reintroducing fuel subsidies are alright, as long as the fiscal discipline is kept in check, Allianz SE chief economist Professor Dr Michael Heise said today.

“I won’t criticise the election promises carried through, as long as it does not stand in the way of a consolidation of the deficit. There is going to be consolidation and the government is trying to reduce the large amount of debt that has been accumulated,” he told a news conference by Allianz Malaysia Bhd today.

Heise views the consolidation efforts by the new government as an “adequate plan” to address the high level of accumulated debt.

“Malaysia may have to pay the price of a little less gross domestic product growth, but you gain stability and resilience in the long run,” he said.

Malaysia has total debt and liabilities amounting to RM1.087 trillion as at Dec 31, 2017.

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