IN the context of the upcoming European Parliamentary elections around, 10,800 European voters took a stand on the pressing issues and running challenges of the European Union (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) between May 4 and 24, 2024.
Based on the survey there were four major concerns of voters where the priorities were in order, namely economic uncertainty related to rising costs of living; immigration; war at one’s doorstep (Ukraine); and the unknown reality of Artificial Intelligence (AI).
In a nutshell, the Europeans’ major concern was inflation and the outcome of the upcoming European parliamentary elections would certainly reflect 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 social economic security such the affordability of education, healthcare and insurance, and basic necessities.
What is obvious is there is a universal fear among the global population on the effects of inflation on their social economic 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 in regards to the current economic policies that have failed to address the real causes of inflation, there is a need for innovative synthesis of ideas in the domestic and global level to address inflation.
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 in addressing inflation which has global ramifications, where its causes are related to neo-liberal ideology, monetary policies, war, supplier chains constraints and climate issues. – June 7, 2024
Ronald Benjamin is a human resources practitioner based in Ipoh. He is currently secretary of the Association for Community and Dialogue.
The views expressed are solely of the author and do not necessarily reflect those of Focus Malaysia.
Main pic credit: Reuters
