More economic reforms needed to lift currency

Diversifying revenue: The GST, which was implemented in April 2015, has become a major source of revenue for the Federal Government that would have otherwise faced an acute funding shortfall this year in the face of a steep drop in the price of oil.

THE ringgit has strengthened and Bursa Malaysia has come off its lows of January to be at the 1,700-point level.However, the economy is still a worry, although Malaysia is in a much better shape and position compared with other oil-exporting countries.

Unlike Brazil, Venezuela and Russia, where the currencies have taken a beating over the last one year and have yet to recover, Malaysia is better off.