Think carefully about prolonged consumer boycotts, says economist
Goh Lim Thye says boycotts could lead to job losses and higher unemployment, deter foreign investors and disrupt the supply chain.
Read More:
https://www.freemalaysiatoday.com/category/nation/2024/08/04/think-carefully-about-prolonged-consumer-boycotts-says-economist/
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Read More:
https://www.freemalaysiatoday.com/category/nation/2024/08/04/think-carefully-about-prolonged-consumer-boycotts-says-economist/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
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NewsTranscript
00:00It is crucial to consider the broader implications of boycott movements, even if they have not
00:08significantly affected the nation's economy.
00:12This is what economist Go Lim Thai told FMT, adding that the closure of foreign food and
00:17beverage businesses could raise the unemployment rate for the sector.
00:22He said this would, in turn, create a negative perception among foreign investors regarding
00:28market stability.
00:30In April, QSR Brands Holdings Berhad said it had temporarily closed several KFC outlets
00:37following months of boycotts due to its perceived links to Israel.
00:42On July 31, the Economy Ministry said in a parliamentary reply that the boycott movements
00:48had not affected the economy since the food and beverage subsector contributes less than
00:532.5 per cent to the GDP.
00:56Nazari Ismail, an economist and the Malaysian chairman of the BDS boycott movement, agreed
01:01with the ministry's findings.
01:03He said most consumers are simply shifting from foreign to local products.