During the Perikatan Nasional era, the country accumulated large debts, but the rakyat supposedly felt relieved. Today, debt continues to rise, subsidies are being restructured, and the cost of living remains high.
From this framing, the current government is labelled a failure.
At first glance, the argument appears persuasive. Look deeper, however, and it reads more like political rhetoric than a comprehensive economic assessment.
PN governed during the worst public health and economic crisis in modern history. Large parts of the economy were shut down, businesses collapsed, and millions lost their livelihoods.
Under such extraordinary conditions, massive borrowing was...