Govt must take less popular stance to ensure economic stability

The government must adopt a less popular stance in the 2014 Budget to ensure long-term economic stability, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed. He said several measures would be announced in the forthcoming budget to be unveiled by Prime Minister Datuk Seri Najib Tun Razak on Oct. 25 to strengthen the economy in the long-term and they may not go down well with the masses. "It is hoped that the people will accept whatever measures taken by the government to ensure the country remains safe, peaceful and prosperous," he told reporters after the soft launch of the Young Bumiputera Entrepreneurs Congress. Present were Deputy International Trade and Industry Minister Datuk Ir Hamim Samuri and Young Entrepreneur Organisation Malaysia President Agil Faisal Ahmad Fadzil. The 2014 Budget is expected to contain a proposal to introduce the goods and services tax (GST) and the further rationalisation of the subsidy programme, which according to several analysts, is part of government measures to reduce deficit expenditure which was envisaged at 4% of the Gross Domestic Product this year. On the forthcoming congress planned for February next year, Mustapa said his ministry supported the event which was a follow-up to the call by the Prime Minister to empower the Bumiputera economy. The minister, who is also patron of the Young Entrepreneur Organisation Malaysia, said the congress was very important as it would pave the way for the younger generation to voice their ideas in a move to assume a bigger role in nation building. "We hope the congress would give inputs to the government on how to empower the Bumiputera economy," he said. The congress is expected to attract 2,000 young entrepreneurs to share information, ideas and establish business networking.