Prof Nazari Ismail says PH will need to curb corruption, leakages and change the banking system.
Prof Nazari Ismail, from the Business and Accounts faculty of Universiti Malaya, said it would take them two or three terms.
The professor said it would typically take years to rid the country of corruption, cut leakages and improve the banking system.
“Due to that, they might not be elected the second time if they win GE14 this time.
“They might not be able to meet the high expectations of the voters,” he said at a forum titled “Quo Vadis: Economic Development in Malaysia” here.
He said the only way for the country not to head the way of Argentina or Greece was by having a government that would stop corruption and leakages in the system.
“We need leaders who are clean but that alone may not be sufficient.”
Nazari said Malaysian’s future may be unfavourable if all three factors — corruption, leakages and increasing household loans — are not curbed.
“We cannot allow this to continue or the future of our grandchildren may be bleak.”
In a 2015 survey, Bank Negara Malaysia (BNM) revealed that three out of four Malaysians are unable to raise RM1,000 if they face an emergency.
Only 6% of respondents were confident about meeting their financial obligations for at least six months if they lost their income, the same survey showed.
Malaysia had one of the highest household debt-to-gross domestic product (GDP) ratio of 88.5% at the end of 2016.
Nazari said the dip in the value of the ringgit had also caused food items from neighbouring countries to go up.
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