The volatile economic landscape in Malaysia raises concerns whether the status of a high-income nation is attainable amid the current political landscape.

The ringgit weakened to a nine-year low in early July 2015 at 3.7510 versus the dollar, the lowest level since February 2006. The present rate of ringgit which surpassed RM3.80 adds to the people’s concerns of higher imported inflation.

Similarly, the plummeting of crude oil prices to US$44 per barrel on Aug 4, 2015, close to a six-year low, poses risks of a worsening economy, especially as the bulk of Malaysia’s earnings are dependant on this commodity.

What is more, an outflow of some RM11 billion from the Malaysian further hinders the people’s quest for stable and lasting economic growth. Implementation of the Goods and Services Tax (GST) since April 2015 adds to pressures of a dim economic outlook.

Any potential rise in the already exorbitant cost of living raises concerns for an average consumer, who as it is grapples to make end meets.

For consumers, a feasible solution to address consequences of the likely imported inflation is not by contracting spending, but instead entails prudent consumption as retail activity is a means to spur lasting economic growth. Certainly, it is absurd that the people are currently being left to bear this negative impact while politicians tangle in a rumble.

The looming questions is, what is the government strategy to rebuild consumer and investor confidence in the Malaysian economy? To date we are yet to see any concrete plan! Perhaps it is worthwhile to put in place immediate measures to offset the adverse consequences of inflation.

The Malaysia Consumer Movement (MCM) recommends that retail policies are reviewed to accelerate open competition, while the GST tax amount be immediately reduced from current 6 percent to 3 percent. This will to a certain extent help cushion inflationary impact and address the high cost of living concern. As for retailers, the current economic situations perhaps offers an opportunity to improve quality levels and better market home brand products.

Similarly, the average Malaysian consumer should relook, reconsider and renew their spending as well as consumption patterns. This means strectching every ringgit to maximise value creation.

The future may impose challenges, nevertheless, presents us with an avenue to scrutinise our existing retail policies and practices as means to accelerate economy growth on the back of innovated consumerism.

DARSHAN SINGH DHILLON is president, Malaysian Consumers Movement (MCM).