Budget 2020: Digital economy investment positive sign for IR4.0, says analyst

Opalyn Mok
A woman uses a smartphone as she walks pass a 5G logo during the launch of the 5G Showcase in Putrajaya April 18, 2019. — Picture by Mukhriz Hazim

GEORGE TOWN, Oct 11 — The government’s investment in infrastructure and human capital to prepare for Industry Revolution 4.0 (IR4.0) shows that the country is ready to embrace the digital economy, a political analyst said today.

Prof Mohd Azizuddin Mohd Sani, from Universiti Utara Malaysia (UUM), said Budget 2020 is a holistic Budget that covers all groups from T20 to M40 and B40.

“The main issue for most people is the cost of living and the government is trying to lessen the burden of the people through this Budget,” he said when contacted.

He said the government is creating more jobs and reducing dependency on foreign workers, which is good for the country.

Mohd Azizuddin also noted that the government is targeting foreign and domestic investments for the good of the country’s economy.

According to Penang Chinese Chamber of Commerce (PCCC) vice-president Datuk Finn Choong, the Budget included a lot of finance and growth thrusts.

“It should give an inflationary boost to the local economy, which at the moment, has, to a certain extent, stagnated,” he said.

Choong also said Malaysia has always been successful by being outward looking through exports and trade, so it would not do well to look inward, especially with a small population base and a relatively weak currency.

“The only bright spot we can latch on to are services which we are relatively strong in within Asean due to our multi-cultural strengths, but fellow members are catching up very fast by copying us, especially at the basic education level,” he said.

Related Articles Johor Pakatan lauds state’s allocation in Budget 2020 CyberSecurity Malaysia: Digital security crucial as country moves towards digital economy Malaysia’s 2020 deficit at 3.2pc? So what? Three economists weigh in