KOTA KINABALU (MON): The Institute for Development Studies (Sabah), in partnership with Sabah Employers Association, SME Association of Sabah, Sabah Housing and Real Estate Developers Association (SHAREDA) and Agensi Kaunseling dan Pengurusan Kredit (AKPK) Kota Kinabalu, Bank Negara, will be organising a webinar entitled “Significant Hike in Cost of Living – Can Something be Done About It?” on Thursday, 28th April 2022, 10a.m. via Zoom.
According to IDS CEO, Ts. Dr. Ramzah Dambul, the reopening of the economy is being viewed positively, added with the nation’s high vaccination rate, business picking up and growing investments, however, the significant hike in the cost of living for the average Malaysian household contradicts the economic expectations. “With the loss of hundreds of thousands of jobs during the pandemic and many households having significantly scaled down in terms of expenses, many are struggling to pay for essential expenses such as accommodation, health services and transportation. More will be dragged down into B40 and M40 categories,” Ts. Dr. Ramzah added.
There are many reasons given including global supply chain disruptions, rise in oil and commodity prices, and geopolitical tensions and instability. “Some blamed the pandemic, US-China War and even the recent Ukraine War and the escalation of sanctions against Russia. For whatever global reasons externally, it is important for us to understand the main source of the effects and the implications at Sabah’s level,” Ts. Dr. Ramzah further elaborated, stressing that the upcoming webinar serves to inform the public on the likely main causes of the significant hike in cost of living from the views of key business communities, and providing suggestions to help minimise the hike in cost of living. This webinar also provides a platform for awareness on financial aids available in helping consumers and businesses manage the effects of these challenges.
Four papers will be presented during the webinar which are Main Causes in Significant Hike in Prices of Goods in Sabah and Suggestions to Address by Mr. Yap Cheen Boon, President of Sabah Employers Association; SME’s Perspective on How to Address the Significant Hike in Cost of Production in Sabah by Mr. Foo Ngee Kee, President of SME Association of Sabah; Main Causes of Significant Increase in Housing Prices in Sabah and Suggestions on How to Minimise the Price Increase by Datuk Sr. Chua Soon Ping, President of Sabah Housing and Real Estate Developers Association (SHAREDA); and Awareness on Key Assistance/Services Provided to Consumers and Business to Manage Such Challenges by Puan Sheirly Alfred, Head of Agensi Kaunseling dan Pengurusan Kredit (AKPK) Kota Kinabalu, Bank Negara.