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apple developer account(buyappleacc.com):The economics of transition

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,AmBank group chief economist Anthony Dass says change is not necessarily bad if the right policies can be instituted. “Now is a good time to reset, but the immediate priority should be on tackling the Covid-19 situation to reach herd immunity for a safe reopening of the economy,” he tells StarBizWeek.

WHENEVER new governments come into power, there is always the risk of an immediate impact to the economy, as new policies get implemented and old ones are dismantled.

Such was the case in 2018, when after 61 years of Barisan Nasional (BN) rule since the country’s independence in 1957, a new government was elected. The new Pakatan Harapan (PH)-led government implemented several populist economic policies that were drawn from its election manifesto.

One of the first economic policy changes that PH brought in was to abolish the goods and services tax (GST), which was a major promise made by the coalition should it win the 14th General Election.

The consumption-based tax was reduced from 6% to zero percent from June 1, 2018 and subsequently replaced with the sales and service tax (SST) regime.

Observers note that there has been no systematic assessment of the impact of the GST’s removal on the cost of living in Malaysia. However, it had weakened the country’s fiscal capacity with the revenue gap between the SST and GST estimated at RM22bil in 2019, or about 9% of total fiscal revenue. Notably, this gap was filled by a one-off special dividend of RM30bil from the national oil company, Petronas. The GST is regarded as more superior to the SST because it is comprehensive and transparent, as well as reduces tax erosion and leakage. Besides this, the PH government also undertook a review of several mega projects, causing a drop in government investments in the 2018-2019 period, which in turn impacted growth.

Elsewhere, Japan saw disruption to its economic policies 12 years ago when in August 2009, the Democratic Party of Japan (DPJ) won the election, ending more than half a century of dominance by the Liberal Democratic Party (LDP). The new prime minister, Yukio Hatoyama, took office and quickly pledged to shift Japan towards a stronger domestic economy, away from its heavy reliance on exports. The DPJ also promised significant changes to policy relating to the country’s fiscal position, transportation, foreign relations, education and social issues. However, the DPJ achieved little while in power.

Commentators say the party was unwilling or unable to carry out its policy changes. It also had unstable leadership, with three prime ministers in just over three years in power.

In the United States, following his 2016 presidential election win, Donald Trump’s policies were characterised by individual and corporate tax cuts, attempts to repeal the Affordable Care Act (Obamacare), trade protectionism, immigration restriction, and deregulation focused on the energy and financial sectors.

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