Singapore — Investors are bracing for further market jolts after Mahathir Mohamad’s surprise victory in Malaysia’s election. Mahathir, who is 92, led a four-party coalition to end the six-decade rule of Najib Razak’s party. Investors had been betting on Najib retaining power, and Mahathir’s return to office 15 years after he stepped down as prime minister injects more uncertainty into financial markets and the economy at a time when emerging markets are under attack globally. Here’s a look at what else the election outcome means for economic policy and markets. What were Mahathir’s main policy pledges? Abolishing a 6% goods and services tax (GST) was a key campaign promise, which Mahathir promised to do within 100 days of taking office. The tax, which was introduced in 2015, is widely blamed by citizens for their rising living costs. The opposition coalition said it would replace the GST with a sales and services tax that’s more fair. The coalition promised to re-introduce petrol su...
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