By Datuk Dr Pamela Yong
A survey by the UCSI Poll Research Centre published in February this year had delivered a painful revelation: an overwhelming 89% of Malaysians are deeply troubled by the rising cost of living, with a nearly equal 87% currently grappling with severe financial stress.
The cost of living (COL) will remain a mountainous challenge for us, even with the easing of headline inflation and forecasts of stronger economic growth in 2024. COL has become a systemic issue, and our Ringgit value has plummeted, exacerbating financial strain across the nation.
The average Malaysians are feeling the pinch as the country’s economy grew slower than expected in the fourth quarter of 2023, with subdued exports contributing to one of the weakest GDP growth rates in recent history.