From the Malaysian people’s perspective, the country’s economy is going to face a significant setback as Ringgit Malaysia continues its downward spiral. I just read an article published by The Edge saying the RHB Investment Bank is predicting the Ringgit will be in the range of 4.70 to 4.90 against the US dollar in the next few months.
As the value of the Ringgit plummets, it comes as no surprise that many of us Malaysians are growing increasingly disappointed and sceptical about the future of our currency. The previous forecasts made by so-called “experts” who assured us that the Ringgit would remain strong have been proven to be nothing more than just personal opinions, nothing more. These “experts” are as clueless as we all are, that is for sure. It’s better for them to stay quiet than make the members of the public question their credibility by making baseless statements.
While the weak Ringgit is a cause for concern, especially for average people like me. And I won’t be surprised if it goes beyond MYR5 against the greenback after this. While some might argue that a weak currency can be advantageous for exports, the reality is that Malaysia’s export industry is not immune to the detrimental effects of a depreciating Ringgit. The rising cost of raw materials, which are often imported, dampens the competitive edge of our products in the global market. Ultimately, the negative impact outweighs any temporary export benefits.
The cost of imported goods has skyrocketed and will continue to go up, burdening households with increased expenses. Travelling abroad, even to the neighbouring countries, has become a luxury only a few can afford, as vacation destinations that were once within reach now seem financially out of bounds. Moreover, businesses that rely on international trade are finding it increasingly difficult to compete in a global marketplace.
I am truly disappointed for sure, as I am not sure what is the endgame of our economists for the country. What I know is this—as Malaysians, we deserve better. We deserve a better life. We deserve to use a local currency that can hold its own against global economic forces. We deserve a government that is on the side of the people and takes decisive action to stabilise our currency. It is disheartening to see our own people struggle to make a living. Weaker Ringgit also could mean saying goodbye to work-life balance. In the future, this mantra will become merely a theory.
Screw those people at the top, back to work now people. We need to go out there and double or triple our earnings. Without more money in our pockets, we won’t be able to survive living in this world of madness. This is the reality we are facing today.
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