KUALA LUMPUR (April 17): The number of Malaysians who believe the country is on the wrong track has been on the rise, with financial and political corruption remaining the primary concern, says Ipsos Malaysia.

According to a study conducted by the market research firm, the number of Malaysians who think the country is on the wrong track climbed to 47% in March 2024 from 26% in January 2023.

Conversely, optimism regarding the country's direction has waned, with only 53% of Malaysians believing that the country is on the right track in March 2024, down from 74% in January 2023. This falls below the global average, where an average of 62% of citizens across 29 countries believe their nations are on the right path.

"Soon, more Malaysians are likely to be pessimistic than optimistic about the country's direction," Ipsos Malaysia remarked.

The results suggest a persistent decline in satisfaction with the way the country is run at a time when the government is grappling with rising cost of living and concerns over the handling of several high-profile corruption cases.

As much as 50% of Malaysians surveyed pointed to financial and political corruption as their primary concern, nearly double the global average of 26%. Other key concerns expressed by Malaysians were inflation (38%), unemployment (32%) and poverty and social inequality (31%).

Notably, concern on taxes has increased 12% year-on-year. This coincides with the government’s proposal of several new taxes during the tabling of Budget 2024 in October 2023, such as capital gains tax and high value goods tax.

Entities such as the Federation of Malaysian Manufacturers and the Malaysian Chinese Association (MCA), however, have advocated for the reintroduction of the goods and services tax instead.

Nevertheless, Malaysians are less worried about crime and violence, compared to the global average, amid ongoing geopolitical tensions.

A previous report from public opinion researcher Merdeka Center, conducted in October 2023 in conjunction with the first anniversary of the unity government, highlighted similar sentiments among voters.

Results from the report were less optimistic, with as much as 60% of respondents believing the country to be headed in the wrong direction. Economic concerns — particularly unfavourable economic conditions and high cost of living — were cited as primary reasons for this perception.

Ipsos said the decline in optimism among Malaysians is reflected in consumer confidence, which has dipped to 49% in the first quarter of the year, from 54% in the first quarter of last year.

On a monthly basis, Malaysia's consumer confidence has dived 4.2% in March 2024, compared to a more marginal 0.5% decline globally.

"As the hopeful months of the New Year have subsided, more Malaysians have become deeply concerned about their financial situation and are extremely apprehensive about spending," it noted.

The Ipsos study involved Malaysian adults aged between 16 and 74, with a monthly sample size of 500 individuals.