Chief Minister Lim Guan Eng said Penang’s hopes of achieving high-income status by this year has been crushed by the 20 percent drop in ringgit to US dollar from RM3.27 to RM3.95.

Lim said Penang, instead of achieving high-income status, may have to wait another five to 10 years to achieve the Vision 2020 target of US$15,000 gross domestic product (GDP) per capita.