Rightways: Third World should team up with China for progress amid coronavirus pandemic, says Asian Strategy & Policy Institute Chairman

Monday, May 4, 2020

Third World should team up with China for progress amid coronavirus pandemic, says Asian Strategy & Policy Institute Chairman

Pandemics have been pivotal points in history with vast contrasting effects on the affected populations. Covid-19 has triggered a global economic turmoil that threatens the world order.

Third World countries should create stronger ties with one another in view of the trade challenges ahead, Asli’s Centre for Public Policy Studies Chairman Tan Sri Ramon Navaratnam said.

“Covid-19 has allowed the world to see that the US and other western countries are not all that (competent),” he said yesterday.

“The pandemic ravaged them, while many commonly oppressed countries in South America and Asia handled the situation much better. Third World countries should band together with China to create increased shared prosperity.”

Ramon said the situation would turn dismal if states and economic blocs turn to self-preservation.

“Beggar-thy-neighbour policies that call for protective barriers and sanctions, would provide opportunities for declarations of war and the suppression of the Third World.”

Emir Research President Datuk Dr Rais Hussin said the pandemic has shaken the global economy faster and more severely than the 2008 global financial crisis or the Great Depression of the 1930s.

“In the US, the S&P 500 fell 30% in 22 days, the fastest drop in its history,” he said yesterday.

The S&P 500 is a measurement of the performance of 500 large companies listed on stock exchanges in the US, and is used as a benchmark of its overall market.

“Similar situations can be seen with other countries such as China, India, and the European Union, which are Malaysia’s trading partners.”

He said global powers could force their ways on resource-rich countries as resources wane. “China has already started flexing its muscles with its recent incursions into the South China Sea.”

Meanwhile, Malaysian Trades Union Congress secretary-general J. Solomon said there could be a large exodus of foreign workers from Malaysia.

“With the economic crisis, the Malaysian government should put pressure on companies to prioritise local workers,” he said. “This could lead to an exodus of foreign workers.

“If the government fails to take care of locals, we may instead see a big departure of Malaysians seeking better pay in other countries.”

Solomon also said businesses may head towards automation, instead of employing a human workforce.

“Minister of International Trade and Industry Ministry Datuk Seri Mohamed Azmin Ali has called on the business community to reduce their dependence on physical labour and focus more on automation and the use of technology,” he said.

“We see his statement as irresponsible as it creates fear in workers, and we hope that the government will ensure that any such transition will be executed in a balanced manner.”