Despite growing public frustration over the rising cost of living and widespread political cynicism, former DAP lawmaker Tony Pua believes Malaysia's economy is experiencing one of its strongest periods in decades and urged Malaysians not to overlook the progress made over the past few years.
Speaking at the "Future of Malaysia: Building a Progressive and Inclusive Nation" forum, Pua argued that while no government is perfect, the country's economic fundamentals have improved significantly under the current administration, laying the foundation for sustained growth over the next decade.
According to him, many Malaysians remain pessimistic because they focus on what has yet to be achieved instead of recognising the tangible improvements already taking place.
He said that progress may not be moving as swift as we all would like, but they are definitely heading in the right direction.
Stronger Growth Without Excessive Borrowing
Pua highlighted that Malaysia has recorded GDP growth exceeding 5% for three consecutive years, describing it as a remarkable achievement given that the government has simultaneously reduced its fiscal deficit.
He contrasted this with previous administrations, arguing that earlier growth was supported by off-balance-sheet borrowings and hidden liabilities, whereas current expansion is driven by genuine investment, consumer demand and improved economic confidence.
Unlike stimulus-driven recoveries that rely heavily on debt, he said Malaysia is now achieving sustainable growth while strengthening public finances.
Inflation Remains Among the Lowest in the Region
Addressing concerns over the rising cost of living, Pua acknowledged that Malaysians continue to feel price pressures.
However, he stressed that Malaysia's inflation rate of around 1.5 to 2% remains among the lowest in Asia and is well within the level considered healthy by economists.
He noted that many neighbouring countries - including Indonesia, Vietnam and Australia - have experienced significantly higher inflation, while Thailand's lower inflation is largely due to weaker economic growth rather than stronger economic management.
According to Pua, inflation is an unavoidable part of any economy, but effective government policies can help lessen its impact on households.
Fuel Subsidies Maintained Despite Global Oil Price Volatility
Pua also defended Malaysia's decision to maintain RON95 petrol at RM1.99 per litre, saying the government has managed to shield consumers from global fuel price increases without triggering concerns from international credit rating agencies.
He pointed that Malaysia continues to have among the lowest fuel prices in the region, with only Brunei offering petrol at a cheaper price.
Unlike several neighbouring countries that were forced to reduce subsidies due to fiscal pressures, Malaysia has retained the financial flexibility to continue supporting consumers.
Tourism Boom Surpasses Thailand
One of the achievements Pua described as most surprising was Malaysia overtaking Thailand as Southeast Asia's most visited destination in 2025.
He said tourist arrivals surged from around 25 million to 38 million within a year, driven by stronger international connectivity and a sharp increase in Chinese visitors.
Pua believes the tourism boom has played an important role in strengthening the ringgit by generating higher foreign currency inflows, while also boosting businesses across the hospitality and services sectors.
KLIA and Ports Reaching New Milestones
Malaysia's transport infrastructure has also benefited from increased economic activity.
Pua noted that Kuala Lumpur International Airport (KLIA) surpassed Bangkok for the first time in passenger traffic, narrowing the gap with Singapore's Changi Airport in regional rankings.
He also highlighted Malaysia's improved global logistics performance, with Port Klang rising to become the 10th busiest container port in the world, overtaking Hong Kong in global rankings.
These developments, he argued, reflect stronger manufacturing output, increased trade volumes and Malaysia's growing role as a regional logistics hub.
Record Investments Fuel Long-Term Optimism
Pua said foreign direct investment approvals have more than doubled compared to several years ago, driven largely by global technology companies including Microsoft, Google, Amazon Web Services and Nvidia-related investments.
He described these investments as the beginning of a new growth cycle rather than temporary gains.
Once major multinational companies establish operations in Malaysia, he said, many smaller firms within their supply chains are likely to follow, creating a multiplier effect across the economy.
For this reason, Pua expressed confidence that Malaysia's economic outlook remains positive for at least the next five to ten years.
Johor Emerging as Global Digital Hub
Pua devoted significant attention to Johor's transformation, describing the state as one of the biggest beneficiaries of recent economic policies.
He revealed that planned data centre investments exceeding 3,000 megawatts would place Johor among the world's three largest data centre clusters alongside major hubs in the United States and China.
He acknowledged that challenges such as expanding water supply and supporting infrastructure still need to be addressed, but said these issues can be managed through careful long-term planning.
The former MP also praised the Johor-Singapore Special Economic Zone (JS-SEZ), calling cooperation between the two neighbours "common sense" because Singapore possesses capital while Johor offers land and room for industrial expansion.
He argued that closer economic integration would benefit both sides by creating jobs, attracting investment and reducing the need for Malaysians to commute daily across the Causeway.
Political Stability Remains Critical
While expressing optimism about Malaysia's economic direction, Pua warned that continued progress depends heavily on political stability.
He argued that frequent changes of government would undermine investor confidence and risk reversing recent gains.
Pua also lamented that genuine policy achievements often receive less public attention than political controversies or sensational social media content.
He urged supporters to communicate factual information to family and friends, saying Malaysians should judge governments based on actual performance rather than viral narratives.
Concluding his speech, Pua acknowledged that the current administration has not fulfilled every promise, but insisted it has delivered meaningful progress in many key areas.
Rather than abandoning a government that has begun producing results, he said Malaysians should continue pushing it to improve further while safeguarding the country's long-term economic momentum.
By: Kpost
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