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Isnin, 6 Februari 2017

DAP Penang's Poor Economic Management

Can any of my FB friends get The Great Tokong of Penang to digest this piece. (Please Share)

While I don't agree with federalizing Penang, especially since Tokong had already sold off much of the state land and state assets to fund his 5 times increase in annual spending, I do not agree with Pakatan leaders who said that there is no evidence of economic development in the federal territories.

DAP's Lim Kit Siang pointed out that despite Tengku Adnan's claim that the federal government had invested over RM5 billion since taking over Labuan in 1984, there has been no proof to show that the island has benefited economically from the move.

The truth is, both Labuan and Kuala Lumpur had outperformed Penang  - both in terms of GDP per Capita growth as well as Median Household Income growth - since DAP took over Penang in 2008.

In fact, Labuan had overtaken Penang and further stretched the lead. In 2007, the GDP per capita for Labuan was actually below Penang by RM3,280.

By the end of 2015, Labuan's GDP per Capita not only overtook Penang but is now RM13,730 higher than Penang.

The lead by Kuala Lumpur over Penang had also increased by a big amount.

In 2007, Kuala Lumpur's GDP per capita was RM44801 while Penang's was RM31,039 - a difference of just RM13,762.

By the end of 2015, Kuala Lumpur's lead over Penang have now increased to RM49,875.

I do not believe this is all due to Kuala Lumpur and Labuan being Federal Territory but mostly due to DAP Penang's poor economic management, general incompetence and their inability to complete their projects.

Datuk Huan Cheng Guan Facebook
5th Februari 2017

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