An economic reset is needed, due to the current high cost of living

SHAH ALAM - There is a need for an economic reset, due to issues with the rising cost of living.

According to Universiti Kebangsaan Malaysia (UKM) Vice-Chancellor Economics Professor Tan Sri Datuk Seri Dr Noor Azlan Ghazali these issues are currently affecting the low-income group, in the B40 category.

"It is mostly affecting the low-income group, as Malaysia's global ranking at 107 implies affordability, yet local prices for goods causes concern.

"The crux lies in addressing income progression, impacting lower mid B40 to lower B40 income groups, aligning with the Economy Minister Rafizi Ramli's perspective, though requiring a refined initiative," Azlan told a press conference on Monday

Noor Azlan went on to say that the gravity of the situation calls for a concerted effort that unites stakeholders across sectors and it is a synergy of ideas, resources, and a profound commitment, which is indispensable for a successful execution.

Drawing insights from the past, during the tenure of former Prime Minister Datuk Seri Najib an economic approach emerged that worked.

Azlan added that during Najib's time the collaboration between a multifaceted team and various ministries bore fruits, showcasing the potential of an institutionalized, structured framework.

"Viewed holistically, this process embodies the endeavor to institutionalise a meticulously structured approach, essentially paving the way for the establishment of a proficient and committed team, reaping specific benefits.

"Regular progress updates directly to the Prime Minister Datuk Seri Anwar Ibrahim on the strides achieved while diligently pursuing the outlined goals.

"Their pivotal role further extends to fostering collaborative synergy with pertinent ministries, ensuring a harmonized and efficient approach towards realizing the envisioned outcomes within the overarching Madani Economy framework." Azlan elaborated

Recognizing that finances is at the heart of the problem, striving for long-term growth, and establishing dedicated companies are all steps toward a more prosperous future.