He said people were more concerned about issues revolving around the prices of goods and wages.
Ismail said ministers tended to highlight economic indicators to prove that policies implemented by the government had a positive impact.
But such indicators really “didn’t matter”, he said.
“The people don’t understand them either because the most important thing for them is that the price of goods is controlled and they want to see their salaries increase,” he said in a column in Utusan Malaysia today.
Ismail said Malaysia was among the four countries in Southeast Asia that recorded moderate growth and saw a drop in unemployment as well as managed to keep inflation low, but the reality on the ground did not reflect real growth.
Ismail, the country’s ninth prime minister, said Putrajaya had not properly explained the economic situation.
“For example, a low inflation rate does not mean the price of goods will fall.
“The same goes for the low unemployment rate when the actual situation is that many young people remain jobless,” he said.
Ismail said while statistics showed that 32,000 jobs had been created in the third quarter of this year, the question remained whether there were enough qualified applicants.
In the current situation, he said, the narrative that the country was experiencing positive economic growth based on indicators seemed out of place.
“The most important indicator is the well-being of the people who can benefit from the economic growth,” he said.
Ismail questioned if the government was prepared for the global stagflation predicted for next year, adding that the weakened ringgit would have an impact.
Although the government had introduced long-term plans, such as the Madani economy framework and the National Energy Transition Roadmap, it would take years before these bear fruit.
“What we need are short-term solutions, including initiatives to increase spending to stimulate the domestic sector,” he said.
He said cash aid and implementing small projects helped reduce the financial burden of the public.