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COURSE TITLE/ CODE :

PRINCIPLES OF ECONOMICS

UDC1002

TITLE :

ISSUES IN MALAYSIA AND IMPACT TO THE ECONOMICS

(INFLATION)

DATE : 5TH JANUARY 2022

LECTURER :

MADAM CHE SUZANA AIDA BT CHE NORDIN

NO. NAME MATRICS NUMBER

1 ANEESA SOOFIYAH ROSLAN UDC220005

2 FARAH NUR ‘ALIYA MOHAMAD FAISAL UDC220011

3 MERISSA ASHLEY LOWRANS UDC220018

4 MUHAMMAD ADZRY RAFIQUE UDC220020

5 MUHAMMAD ARIF SUHAIMI UDC220021

6 MUHAMMAD RITZFIRMAN ROSLI RITZWA ROSLI UDC220027

7 NUQMAN HADI ISKANDAR DZULKARNAIN UDC220032


ACKNOWLEDGEMENT

We would like to take this chance to express our warmest gratitude to our lecturer,
Madam Che Suzana Aida for helping me with this homework. We appreciate you taking the time
out of your busy day to reply to my messages and help us out look through our report and
clarifying any doubts we had regarding this assignment .The assistance provided by Madam
Che Suzana Aida was greatly appreciated.

More significantly, we need to take this moment to extend our gratitude to our family for
allowing us the opportunity to pursue my tertiary education in a field that we are incredibly
enthusiastic about. We appreciate you ensuring that we get the resources we need to assist our
learning experience. We intend to always be grateful to our family and to consistently give us all
in everything we are assigned to achieve.

We would like to thank our colleagues for supporting us throughout this entire
assignment. Also, we would like to thank each other for the teamwork and dedication showed
through this assignment for pulling an all-nighter with me to accomplish this homework. Despite
the difficulty, we managed to complete it jointly.
TABLE OF CONTENTS

ACKNOWLEDGEMENT ….…………………………………………………………………..…………2

1.0 INTRODUCTION …………………………………………………………………………...……..4-5

1.1 TYPES OF INFLATION ……………………………………………………………………………..6

2.0 DISCUSSION …………………………………………………………………………….….………7

2.1 IMPACT TO THE MALAYSIAN ECONOMY ...…………………………….………….7-9

2.2 SOLUTION BY THE GOVERNMENT ………………………………………………10-14

2.3 THE EFFECTIVENESS OF THE SOLUTION ……………..…….………..……….15-17

3.0 CONCLUSION & RECOMMENDATION ………………………………………….…………18-19

4.0 REFERENCCES …..……………………………...………………………………………….20-21

5.0 APPENDICES ………………………………………………………….…………………………22


1.0 INTRODUCTION

Inflation is defined as a sustained increase in the general price level which is often
referred to as an average of prices of goods and services in the entire economy and not only
exclusive to the price of any one particular good or service. To simply understand inflation, let’s
take McDonald’s for an example. In 2021, a Big Mac burger meal would cost around RM17.50.
Currently in 2022, the same large Big Mac burger meal is sold for RM20.50. That is a 17.1%
increase in price for the same Big Mac burger meal compared to the previous year. Another
example is, a hundred Ringgit Malaysia note (RM100) that is worth 8% less than it used to be a
year ago. There are two common causes of inflation identified by economists, among them are
cost-push inflation and demand-pull inflation.

Inflation rates are calculated by subtracting the Consumer Price Index (CPI) of the
current year with the CPI of the previous year and dividing it with the CPI of the previous year.
Later, it is multiplied with a hundred to obtain the rate in units of percentage. Consumer Price
Index (CPI) also depends on regional or cultural factors and differs for different income earners.
So what is an appropriate rate of inflation? Most governments target 2-3% inflation rate per year
to maintain the price stability as it contributes to the sustainability of the country’s economic
growth. The Department of Statistics Malaysia has recently published the consumer price index
for September 2022 which recorded a 4.5% inflation rate, lower than the previous month,
August 2022 which recorded a 4.7% inflation rate. So what does this mean for the country’s
economy?

Small rates of inflation is good as it is helping the country’s economy grow and it helps
economies stroll away from deflation. It is also good news for people who are in debt because
the government fixes low interest rates to encourage economic activities such as borrowing
loans to purchase a house or a car. Inflation also helps to provide job opportunities as the
country’s economy is blooming. For instance, the demand for cars from consumers is
increasing. Therefore, factories will hire more employees to increase their manpower. However,
the bad news is savings do not help during inflation because the value of the total amount of
your savings might be 30% less than the amount it was 4 years ago. Therefore, saving for
desperate times in case inflation occurs does not help very well. In addition, income, prices and
housing rates do not increase at the same rate during inflation and if prices are increasing and
income stays the same rate, it poses a risk for poverty towards the people and may lead to a
financial recession.
1.1 TYPES OF INFLATION

1.1.1 COST-PUSH INFLATION

Cost-push inflation is defined as a phenomenon in which general price levels rise due to
increase in the cost of wages and raw materials. Cost-push Inflation most commonly occurs due
to these three factors. Firstly, the increase of raw material prices. Secondly, increase in wages
due to employee’s demand which could be the result of the high cost of living or there are plenty
of well-trained workers in the field that companies require. Lastly, increase in rent in cities where
fresh-graduates and people are moving in every year for better opportunities.

1.1.2 DEMAND-PULL INFLATION

The second type of inflation is called demand-pull inflation. Economist describes


demand-pull inflation as “too many dollars chasing too few goods” as the shortage is supply f
goods and services is caused by an upwards pressure on prices, which commonly occurs when
the supply of resources is limited to meet the demands of the consumer or market which causes
businesses to increase the price of goods and services to help curb this issue. Another impact
of demand-pull inflation is in the rise in living costs all around. Demand-pull inflation is primarily
caused by a few factors. Since consumers feel more secure as the economy grows, they spend
more and generate greater debt. As a result, demand keeps rising steadily, resulting in higher
prices. Additionally, businesses might raise their pricing in anticipation of future inflation. A rise
in the money supply combined with a shortage of accessible goods is another reason that drives
up prices.
2.0 DISCUSSIONS

2.1 IMPACT TO THE MALAYSIAN ECONOMY

2.1.1 INFLATION ERODES PURCHASING POWER

Purchasing power is the worth of a currency expressed in terms of the


number of goods or services that can be bought by that one unit of money. Inflation may
cause it to decline over time. This is because of the fact that you may acquire fewer
items or services as a result of increased pricing. A currency's buying power is another
name for its purchasing power.

Purchasing power will decline as a result of inflation. One's purchasing power will
decrease as a result of having to spend more money in order to purchase the same
amount of goods or services as before. For instance, while a loaf of bread cost RM1.50
in 1980, it would cost RM5.50 to purchase it in 2022. The greater price represents 40
years of significant inflation that has reduced people’s purchasing power. Cost of living
goes up over time due to inflation. The economy suffers if the rate of inflation is too high.

2.1.2 INFLATION RAISES COST OF LIVING

Cost of living is the amount of money needed to cover basic expenses such as
housing, food, taxes, and medical care in a particular place and time. Cost of living is
often used to compare the cost of living in one city to another. Living expenses are linked
to wages. For example, if spending is high in a city like Kuala Lumpur, wage levels need
to be higher for people to be able to afford to live in that city. The text below explained
how the cost of living is interrelated to inflation.

Consumers must spend a larger portion of their income to maintain their current
standard of life as prices for products and services rise. Consumers will have to spend
more even on basic necessities if salaries do not increase proportionately. The majority
of individuals experience the effects of rising costs of living on a daily basis. However,
the middle class and the lower paid are particularly heavily hit by growing prices, since
the minimum wage does not always increase during times of inflation. Less money is
available for savings or ability to spend as a result of rising food, gas, and utility
expenses. Consumers reduce their purchases and shift to less expensive options or
search harder for discounts as a result.

2.1.3 INFLATION HIKE UNEMPLOYMENT RATE

The term unemployment refers to a situation where a person is actively seeking


for employment but is unable to find one. The unemployment rate is considered an
important indicator of economic health. Inflation is seen as a factor that causes this
problem to occur. The relationship between inflation and unemployment has traditionally
been an inverse correlation. When inflation is rising, firms are less certain that
investments will be profitable. It is believed that countries with high inflation rates tend to
have lower investments and therefore slower economic growth. Thus, if investment level
remains low, this could eventually result in much higher unemployment rate.

2.1.4 INFLATION CAUSES INCREASED SPENDING AND INVESTMENT

Consumers are motivated to move their purchase decisions forward as inflation


rises. Rather than wait until the goods become more costly next year, buyers reasonably
choose to buy now rather than pay more next year.

This means buying new cars, refrigerators, phones, and other consumer items
for the average person. However, this goes beyond consumer items. Consumers are
also encouraged to seek the highest return on investment. As money loses value due to
inflation, it must be "beat" in order to preserve the same purchasing power.

2.1.5 INFLATION CAUSES REDUCTION OF THE EFFECTIVE LEVEL OF DEBT

Those with high amounts of debt, whether a firm, the government, or the
consumer, may profit from greater levels of inflation. For example, the borrower may
have a loan with a 2% interest rate. If inflation is 10% and their income grows at the
same pace, the effective rate at which they are repaying falls.

Although this can be a favorable consequence of inflation for people who are in
debt, it can be a tremendous disadvantage for individuals such as savers and
organizations such as banks. Banks suffer because their interest rates are lower than
the rate of inflation. And savers are likely to earn interest at or below the rate of inflation
2.2 SOLUTION BY THE GOVERNMENT

2.2.1 SUBSIDY

A subsidy is a benefit given to an individual, business, or institution, usually by


the government. It can be direct such as cash payments or indirect such as tax breaks.
The subsidy is typically given to remove some type of burden, and it is often considered
to be in the overall interest of the public, given to promote a social good or an economic
policy. Moreover, subsidies are generally seen as a privileged type of financial aid, as
they lessen an associated burden that was previously levied against the receiver or
promote a particular action by providing financial support.

According to the Official Portal of Ministry of Finance Malaysia, The Malaysian


government has given out several forms of subsidies over a decade. One of the most
common types of individual subsidies is unemployment benefits. Recently, The
Malaysian government has channeled RM20.92 billion (US$4.7 billion) under its wage
subsidy programme (PSU), benefitting 357,904 employers and sustaining the jobs of
2.96 million local workers to reduce the unemployment rate in the country. The wage
support is distributed in five tranches. Under PSU 5.0, the government distributed
RM210 million (US$47 million) to 7,928 employers up till July 15, 2022, which supported
the wages of 119,813 workers. Meanwhile, a total of RM183.123 million was channeled
to 7,385 employers to continue operating and maintain employment for 105,300
employees under the Wage Subsidy Programme 5.0 for the same period of time.

Furthermore, to reduce the inflationary pressures on people, the government has


provided various consumption subsidies consisting of petrol, diesel, cooking oil, flour and
electricity. The total amount of subsidies is expected to reach nearly RM80 Billion in
2022, said The Minister of Finance, Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
Overall, the projected consumption subsidies expenditure for 2022 is the highest amount
of subsidies in history ever borne by any government. The objective of these subsidies is
to curb inflation that has skyrocketed in 2022.
2.2.2 CONTRACTIONARY MONETARY POLICY

Monetary policy is the policy adapted by the monetary authority of a nation to


control either the interest rate payable for every short term borrowing or the money
supply, often as an attempt to reduce inflation or the interest rate. Monetary policy
consists of two types which are expansionary and contractionary policy. To curb inflation,
contractionary monetary policy is applied. A contractionary monetary policy is a type of
monetary policy that is intended to reduce the rate of monetary expansion to fight
inflation. It is generally undertaken by a central bank and the central bank usually sets a
target for the inflation rate and uses contractionary monetary policy to meet the target.

There are several tools for contractionary monetary policy. One of them is to
increase the short-term interest rate. Interest rates are the primary monetary policy tool
of a central bank. Commercial banks can usually take short-term loans from the central
bank to meet short-term liquidity shortages. In return for the loans, the central bank
charges the short-term interest rate. In order to reduce the money supply, the central
bank can optimize to increase the cost of short-term debt by increasing the short-term
interest rate. If the money supply goes down, the demands for goods will reduce hence
causing a price fall. Therefore, it will grant economic stability.

For example, in Malaysia, the responsibility for formulating and implementing


monetary policy is entrusted to Bank Negara Malaysia (BNM) as the nation’s central
bank. At its meeting on 7–8 September, the Monetary Policy Committee of Bank Negara
Malaysia (BNM) voted to raise the overnight policy rate for the third consecutive time by
25 basis points, bringing it to 2.50%. The OPR was increased three times in May, July,
and September 2022 by Bank Negara Malaysia to a total of 75 basis points (bps) to 2.5
per cent from its historical low of 1.75 percent held since July 7 this year. According to
Deputy Finance Minister Datuk Shahar Abdullah, he said that the current monetary policy
remains accommodative in ensuring the country’s inflation is at a reasonable level.
2.2.3 CONTRACTIONARY FISCAL POLICY

Fiscal policy refers to the budgetary policy of the government, which involves the
government controlling its level of spending and tax rates within the economy. There are
two main policy tools that federal governments have at their disposal in order to regulate
their economies, both in the short-run and long-term: taxation and spending. These two
tools are referred to collectively as “fiscal policy”. These are tools that the federal
government can use to help mitigate inflation, unemployment, and recession. Fiscal
policy is used to help balance the economy and level out the business cycle. To enact
contractionary fiscal policy, the government may decrease spending, increase taxes, and
enact a combination of decreased spending and increased taxation

According to the Official Portal of the Ministry of Finance Malaysia, the external
spillover effect from the recovery in global demand, including the continued increase in
trade activities have contributed to Malaysia’s economic recovery. This is evident
through the GDP performance for the first quarter of 2021 (Q1 2021) which contracted at
a smaller rate of 0.5% on a year-on-year basis compared to the 3.4% contraction in the
fourth quarter of 2020. This was also contributed by the recovery in GDP growth in
March 2021, which increased 6% year-on-year, the highest in the past 12 months. The
Malaysian Government is confident its fiscal strategy will ensure that economic growth
prospects remain strong in the medium to longer term to fulfill the country's development
agenda.
2.2.4 SELLING GOVERNMENT BOND ON THE OPEN MARKET

It is impossible to understate the importance of the corporate and government


bond markets in a nation's economic growth since they serve as a vital conduit
connecting social savings with investment possibilities. The advantages accruing to the
bond issuer and investor demonstrate the significance of corporate and government
bonds.

Similar to individuals, businesses, governments at all levels, and state and


federal agencies periodically need to borrow money to cover expenses like capital
investments in infrastructure projects. These organizations must promise to repay not
only the borrowed funds, but also a little additional sum in the form of interest for the
right of temporarily utilizing other people's money. Governments with large deficits
frequently turn to the practice of issuing bonds of various sorts with varied restrictions
attached to the bonds in order to get the necessary money. In a similar vein, businesses
issue debt securities to pay for their growth ambitions or other financial commitments.

As a result, bonds are regarded as a crucial component of any strategy to invest


money and increase wealth. A bond is a symbol of a debt. An investor is described as
having lent funds to the government, county, business, or other government entity
(referred to as the issuer) when the investor buys a bond. In exchange for the sum given,
the issuer promises to reimburse the lender with interest at a specific rate throughout the
duration of the bond. When the bond matures or its term expires, the issuer further
guarantees the repayment of the principal amount.

The variety of fixed income instruments, or bonds as they are often known, offers
investors a large selection of investments to suit their demands. Depending on the
investor's level of discretionary income, his or her tax band, and the tax benefit they
anticipate from their investments, each person may have different financial goals. When
deciding whether to invest in bonds, investors must take into account a variety of factors.
Among other things, these factors could take the interest rate, bond maturity, redemption
terms, credit quality, and credit ratings into account.
2.2.5 TIGHTENING SELECTIVE CREDIT CONTROL

By influencing the credit policies of banks and other comparable credit


organizations, selective credit regulations aim to promote or deter particular forms of
investment and expenditure. It is first required to specify the fundamental goals that must
be achieved before evaluating the efficacy of these controls and the various
selectiveness strategies.

A well-balanced development programme may be supplemented by a strategy of


selective credit restriction, for instance. Achieving a high level of savings and investment,
as well as ensuring that the monies available for investment are allocated to socially
desirable channels, are the fundamental issues in an impoverished country. It is
sometimes argued that undeveloped nations have institutional biases that encourage
investment in commerce and building at the expense of more profitable options available
in manufacturing and agriculture. The banks historic preference for short-term
"self-liquidating" loans promotes solely commercial activity as opposed to production,
and in the lack of sufficient medium- or long-term credit facilities, some of the current
chances for growing output may be lost.

Selective credit regulations may also be required to safeguard the interests of


some poorly structured economic sectors, whose demands for credit are unmet by
current institutions. Egalitarian policies, such dividing up huge estates among tiny
peasant proprietors, are frequently adopted in conjunction with economic development
efforts, and these policies frequently result in the creation of new, ill-organized regions
with unique credit requirements. Another argument in favor of selective credit
management as a long-term strategy is the need to diversify the economy.
2.3 THE EFFECTIVENESS OF THE SOLUTION

2.3.1 THE EFFECTIVENESS OF SUBSIDY

The government action of subsidies implementation gave a positive impact in


controlling the inflation rate. When the government subsidies are implemented ,an
industry is able to allow its producers to produce more goods and services. This
increases the overall supply of that good or service,which increases the quantity
demanded of that good or service and lowers the overall price of the good . Essentially,
the supplier benefits as if the product is sold at a higher price and is able to produce
more of it. Meanwhile, consumers can enjoy the product at a lower cost because
suppliers do not need to charge exorbitant prices to break even on production.

For instance, according to FMT reporters on august 5th,2022 The minister of


finance , Tengku Zafrul Aziz mentioned that the level of inflation in Malaysia could have
reached around 11% if the government did not subsidies essential goods such as fuel.
This shows that the subsidies are very helpful in controlling the inflation rate.

2.3.2 THE EFFECTIVENESS OF CONTRACTIONARY MONETARY POLICY

Monetary policy is used by central banks to control the amount of money


available in an economy. A central bank uses monetary policy to alter the supply of
money and credit in the economy in an ongoing effort to control inflation, economic
growth, and employment.Contractionary Monetary Policy are effective by using
numerous methods.The goal of contractionary policy is to reduce the money supply
within an economy by increasing interest rates. This helps slow down the economic
growth.

The Central Bank of Malaysia Bank Negara Malaysia (BNM) is charged for
developing and carrying out the monetary policy. In September 2022, The bank Negara
Malaysia (BNM) Monetary policy Committee decided to increase the overnight policy
rate (OPR) by 25 basis points to 2.50% for the third time in a row which is in May,July
and September to control the country’s inflation rate.
However, The Monetary Policy Committee (MPC) of Bank Negara Malaysia
decided to increase the Overnight Policy Rate (OPR) again for the fourth time in a row
by 25 basis points to 2.75% in November 2022. This clearly shows that the policy
applied by the Monetary Policy Committee of Bank Negara Malaysia are less effective in
controlling the inflation rate.

2.3.3 The effectiveness of Contractionary Fiscal Policy

The government's action in implementing the fiscal policy has played an


important role in driving the nation’s economy to a sustainable level. Contractionary fiscal policy
is a type of economic policy that aims to reduce the level of government spending or increase
taxes in order to reduce demand in the economy and curb inflation. This policy is typically
implemented when inflation is high or rising too quickly. Plus, There are several ways in which
contractionary fiscal policy can be effective in reducing inflation.

Firstly, the policy that can be effective to control the inflation rate is by reducing
demand. By reducing government spending or increasing taxes,contractionary fiscal policy can
reduce demand for goods and services in the economy. This can help to curb inflation by putting
downward pressure on prices.

Secondly, inflation can be reduced by tightening monetary policy. The


contractionary policy can help reduce the inflation rate by allowing the central bank to adopt a
tighter monetary policy. This happens when the government is able to reduce its budget deficit
and the central bank may be able to raise interest rates without worrying about the negative
impact on government borrowing.

Lastly, Reducing expectations of future inflation are also one of the fiscal policy
that maybe effective to reduce the inflation rate. The government can assist in lowering
expectations of future inflation by proving its commitment to reducing it through the deployment
of contractionary fiscal policies. This may reduce current inflation because businesses and
consumers may be less willing to take actions that potentially result in price increases.
2.3.4 The effectiveness of Selling Government Bond On The Open Market

Selling government bonds on the open market is a type of monetary policy that
can be used to reduce the level of inflation in an economy. When the government sells bonds, it
is essentially borrowing money from investors. As the result of selling bonds it may help to
reduce inflation in a number of ways.

First of all, Tightening monetary policy.The government can lower the amount of
money in circulation by selling bonds on the open market. This may contribute to tightening
monetary policy, which may reduce inflation.

Subsequently, reducing demand as the government bonds sales may also


contribute to a decrease in the economy's demand for products and services. Investors may be
less likely to spend money on other products and services as they look to purchase the
government-offered bonds, which can help to lower inflation.

2.3.5 The Effectiveness of Tightening Selective Credit Control

Tightening selective credit control is a monetary policy tool that the central bank
can use to reduce inflation in an economy. It entails using various measures to restrict credit
flow to specific sectors or types of borrowers in order to reduce demand for goods and services.

Reduced demand in the economy is one way that tightening selective credit
control can help to reduce inflation. When the central bank restricts the flow of credit to specific
sectors or types of borrowers, it can make borrowing and purchasing more difficult for these
entities. This can reduce demand for goods and services, putting downward pressure on prices
and helping to keep inflation at bay.

Tightening selective credit controls can also help to reduce inflation by allowing
the central bank to pursue a more restrictive monetary policy. When the central bank restricts
the flow of credit, borrowers may find it more difficult to obtain credit. This can discourage
borrowing and reduce demand for goods and services, helping to keep inflation in check.
3.0 CONCLUSION

In a nutshell, inflation isn't always a terrible thing, though in fact, a stable economy
requires a consistent level of inflation. Economists are aware that although high inflation poses
a significant risk, so does low inflation. Low inflation can result in chronically low interest rates,
just as excessive inflation can cause those rates to be permanently high. Permanently low
interest rates make it difficult for the Federal Reserve, the country's central bank (also known as
the Fed), to strengthen the economy during extremely difficult times, which can result in
protracted, severe recessions.

Inflation has a few positive effects on the economy such as it can stabilize economic
growth. This is because economic growth is indicated by modest inflation, and this growth can
be prolonged if it is sustained and mild. Consequently, consumers are able to continue taking
out loans and making purchases while businesses are able to generate more revenue since
prices and salaries naturally rise together. Furthermore, When demand is higher, businesses
are better equipped to set their prices. Better and more plentiful jobs for consumers are a result
of higher sales. When this turns into a positive cycle, this usually will obtain a better deal on the
goods.
3.1 RECOMMENDATION

There are many methods used to control inflation and, while none are sure bets, some
have been more effective and inflicted less collateral damage than others. Lets, take a look at
another country, America. In order to reduce inflation, the US government is implementing
supply-side policy reforms that complement the Federal Reserve’s attempts to cool demand
through monetary tightening.

There are tons of impacts such as it can reduce government spending and tamp down
on demand-fueled inflation, while at the same time restoring confidence in the ability of the
federal government to pay down the debt and thus control inflation expectations. On top of that,
removing barriers to work through occupational licensing reform, increased work flexibility, and
mitigating work disincentives in tax and transfer programs would increase labor force
participation, thereby reducing the cost of production for firms. Deregulation of energy, housing
and other markets would reduce the regulatory burden on businesses, lowering the cost of
domestic production and bringing down prices and also removing barriers to international supply
by reducing tariffs and eliminating regulatory barriers like the Jones Act and Foreign Dredge Act
would provide consumers access to cheaper goods and increase the resiliency of supply
chains.
4.0 REFERENCES

I. Amadeo K. A. What is Monetary Policy? (2022, June 15) Retrieved from


https://docs.google.com/document/d/1c9AIgH-Hkiyp0chi9avHZmucLdah2omJxAZAObU
2v0s/edit

II. Bank Negara Malaysia. (n.d.) Monetary stability. Retrieved from


https://www.bnm.gov.my/monetary-stability

III. Department of Statistics Malaysia. (2021, October 21). Consumer Price Index Malaysia
September 2022. Retrived from
https://www.dosm.gov.my/v1/index.php?r=column/cthemeByCat&cat=106&bul_id=eTVE
Q25ubmtSS1g1MWtJWTI4ekxFQT09&menu_id=bThzTHQxN1ZqMVF6a2I4RkZoNDFk
QT09#:~:text=Malaysia's%20inflation%20rate%20in%20September,to%20August%2020
22%20(7.2%25).

IV. Impacts of Inflation. (2022, December 30). Toppr. Retrived from


https://www.toppr.com/guides/fundamentals-of-economics-and-management/money/imp
acts-of-i
nflation/

V. Ong S. O. Govt steps to Control Basic Goods and Services Prices Stave off
Hyperinflation (2022, August 8) . Retrieved from
https://www.theedgemarkets.com/article/govt-steps-control-basic-goods-and-services-pri
ces-stave-hyperinflation-%E2%80%94-mof
VI. Official Portal Of Ministry Of Finance Malaysia. (2022, June 26). Total Subsidies In 2022
Nearly RM80 Billion, Highest in History. Retrieved from
https://www.mof.gov.my/portal/en/news/press-citations/total-subsidies-in-2022-nearly-rm
80-bln-highest-in-history-tengku-zafrul

VII. What is Fiscal Policy?. (2022, December 13). Corporate Finance Institute. Retrieved
from
https://corporatefinanceinstitute.com/resources/economics/what-is-fiscal-policy/
5.0 APPENDICES

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