Inflation should be addressed domestically and globally

ALEXANDRA_KOCH/PIXABAY

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In the context of the European parliamentary elections around, 10,800 European voters took a stand on the pressing issues and running challenges of the EU.

This is as part of a large-scale comparative survey conducted by Kapa Research across 10 member countries (Bulgaria, Estonia, France, Germany, Greece, Hungary, Italy, Poland, Romania and Spain) on 4-25 May.

Based on the survey, there were four major concerns of voters where the priorities were (in order): economic uncertainty related to rising costs of living, immigration, war at one’s doorstep (Ukraine) and the unknown reality of AI.

In a nutshell, the Europeans’ major concern was inflation and the outcome of the European parliamentary elections reflects this fear.

The nations of the South are also going through similar trends.

In the latest general election in India, the Modi government’s majority has been reduced, and one of the reasons cited was inflation.

High inflation reduces the purchasing power of the population and it affects the other dimensions of socioeconomic security, such as the affordability of education, healthcare and insurance, and basic necessities.

What is obvious is there is a universal fear among the global population of the effects of inflation on their socioeconomic security.

This has been one of the reasons for the rise of right-wing populism in the West and the countries in the South who simply blame immigrants or fellow citizens from different ethnic communities for their economic woes.

Since there is a universal trend of fear among the global population regarding current economic policies that have failed to address the real causes of inflation, there is a need for an innovative synthesis of ideas at the domestic and global level to address inflation.

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This would entail addressing the flaws of the current global economic configuration and the ideology that drives it.

In Malaysia, it would be wise for the government and the opposition parties to come up with innovative ideas on how it intends to address inflation.

The Malaysian government should also organise international conferences to address inflation, which has global ramifications, where its causes are related to neoliberal ideology, monetary policies, war, supply chain constraints and climate issues. Focus Malaysia

The views expressed in Aliran's media statements and the NGO statements we have endorsed reflect Aliran's official stand. Views and opinions expressed in other pieces published here do not necessarily reflect Aliran's official position.
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