Lack of Reform and Scandal Take Toll on Ringgit Over Two Decades
- 1MDB scandal severely dented the ringgit
- Lack of economic reform since 1998 financial crisis hurt Malaysia's competitiveness
- Malaysia opted for short-term solutions after 1998 crisis which hurt currency in long run
- Thai baht and Korean won outperformed ringgit due to more reforms post-1998
- Ringgit slide also reflects Malaysia's lack of societal, economic, and political vibrancy
