Economist Barjoyai Bardai says Malaysia is over-reliant on global oil prices and suggests revising the budget on a monthly basis.
Analysts say Malaysia has been very reliant on oil prices since axing the goods and services tax.
This follows remarks by UBS global wealth management regional chief investment officer Kelvin Tay, who said in an interview on CNBC that Malaysia was very reliant on oil following the government’s move to scrap the goods and services tax .Universiti Tun Abdul Razak economist Barjoyai Bardai agreed that Malaysia was over-reliant on oil prices due to the axing of GST and lower palm oil prices.
“The government can also plan for ways to increase revenue, but this will have to wait until the next budget is announced,” he said, adding that introducing measures now could affect investor confidence. Adli Amirullah, an economist from the Institute for Democracy and Economic Affairs, said Putrajaya needed to be less reliant on oil revenue as a shock decrease in prices would affect the government’s budget.
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