Bank Negara Malaysia, in the Economic & Monetary Review 2021 report released this week, said that the cost of living in Malaysia needs structural reforms on both income and cost aspects. It also stated that short term measures such as price controls may pose repercussions on a long term basis. But what structural reforms should we be considering? Dr. Geoffrey Williams, Economist at Malaysia University of Science and Technology shares his thoughts. Image credit: Shutterstock.com