Pakatan Harapan, the Opposition coalition, has clinched victory in Malaysia’s closely contested 14th general election. The Election Commission had earlier announced that Pakatan Harapan won a simple majority of Parliament seats, enough to form the next government of Malaysia.
In doing so, Pakatan Harapan has broken the ruling party, Barisan Nasional’s 61-year rule since Malaysian independence in 1957.
The election was fought, among others, on economic issues, most notably the imposition of Goods and Services Tax which proved to be unpopular as shown in the election results. In the short term, the market may see some uncertainty as the new government is formed, but this will settle as its policies become clearer.
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