Safer to practise prudence

Malaysians have to start adjusting their spending habits because of the current global outlook. — Filepic

THE year 2023 is expected to be even more challenging and we have to be prepared for the uncertainties as we welcome the New Year.

There are already clear signs that the economy is in recession during the global Covid-19 pandemic in 2020 and 2022.

Economists and analysts predict that the situation will continue in the next two years.

Although many countries have begun transitioning into the endemic phase this year, the global economic outlook is still unpromising.

Businesses are predicting tough times ahead and most are likely to put on hold staff promotions or salary raises.

Consumers are also finding that they have to spend more on basic essential items.

Ordinary Malaysians have to start adjusting their spending habits and only spend on necessary goods and avoid buying luxury items.

The time is also not right to buy big ticket items like a house or a new car.

However, according to property consultants, recession is the best time for those with surplus income to buy houses as developers usually give discounts to let go of their existing stock.

Those planning to buy houses to rent them out may consider buying them from the secondary market as some house owners are selling the properties for cash.

Property is always a good investment regardless of whether the time is good or otherwise.

The new Federal Government should immediately address the situation by outlining stimulus packages to assist the rakyat and businesses especially the small and medium enterprises that are facing the economic uncertainties.

These include providing assistance to deserving lower- and middle-income groups and controlling the prices of essential items.

Job seekers also cannot afford to be choosy at this point. They should just grab the opportunity if offered a job, although it might not be their first choice.

It is better to gain experience in a year or two and start looking for a job of their choice once again when the economic situation has improved.

The majority of Malaysians are hoping for less political fighting among our politicians as we usher in the new year filled with uncertainties.

The people have spoken by casting their vote in the recently concluded general election and we need stable federal and Johor governments.

Now is the time to put aside differences and work together for the rakyat’s well-being, not for personal gains.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Columnists

Time to spread kindness
Global pathways driving Asian rising stars to reach golf’s promised land
Global surge in military spending
Choose your HARD! Teams determine their summer as winners or losers
Don’t go chasing waterfalls
Leveraging China's GDI to revitalise Malaysia’s industrial sector
Faking climax, or just on a dry run?
Pulled in different directions
Giving is receiving
Account 3 could be double-edged sword

Others Also Read