KUALA LUMPUR, Oct 20 — The ebb and flow of the country’s politics has an unavoidable effect on Malaysia’s economy no matter how strong a foundation that has been laid out to keep the economy afloat, Tan Sri Muhyiddin Yassin said today.
The former prime minister said the federal government has implemented safeguards to shield the economy from external turbulence, but stressed that the persistent political “haze” has lead to a worsening trust deficit.
“It is true (that Malaysia has strong economic policies), but if the political fundamentals are not taken into consideration in handling the economic problems we are facing, I don’t consider these views (of strong fundamentals) to be very accurate,” he said at a hi-tea event hosted by Dewan Perniagaan Melayu Malaysia (DPMM).
The Umno deputy president listed among others, the country’s pro-business economic policies, banking system and incentives to train human capital, as part of Malaysia’s strong fundamentals.
He claimed, however, that the many positives are progressively being subverted by the lack of trust in the political system.
Muhyiddin added that growing public distrust of the government leads to diminishing confidence, especially among the business community.The issue now is trust, especially in politics. The issues of honesty and integrity.
“It affects people’s confidence, even in the business sector there is no confidence in the business climate because we are now shrouded by a political haze aside from the actual worsening haze we are experiencing now.
“And this political haze will continue to affect sentiment,” he said.
Muhyiddin was axed from Cabinet in late July, ostensibly for being a vocal critic of 1Malaysia Development Berhad (1MDB) that Prime Minister Datuk Seri Najib Razak chairs.
The reshuffle also saw the temporary halt in the Public Accounts Committee (PAC) investigations into the state fund as three of its members were given posts in the cabinet.
Najib is currently facing pressure over the multi-billion ringgit 1Malaysia Development Berhad (1MDB) controversy, which opposition MPs are using to seek the no confidence vote against him in Parliament.
However Dewan Rakyat Speaker had said earlier today that the planned motion for a no confidence vote will not likely be debated during the current parliamentary meeting.
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