Finance and Deputy Prime Minister, Datuk Seri Najib Abdul Razak finally admits the possibility of recession by announcing that the GDP growth, subject to a successful implementation of the stimulus packages will range between -1% at its worst to 1% growth at its best.
This was after repeated denials in the past, some just a month ago, that Malaysia's economy is sound and fundamentally strong and will continue to grow at a moderate pace of 3.5%.
7 comments:
Stop scoring cheap political point. No one in this world was able to predict how bad the economic has turned as evidence in recent economic statistics released by Japan, US, IMF. Do you prefer a government to talk down the economy instead to further shaken the confidence of the investors and citizens?
If you want to contribute something to meaningful public debate, bring in your own forecast and provide some useful alternative solutions. It's always easy to see the dirts of your opponents and overlook the weaknesses of your own self.
Come on kid, be a grown-up!
And all the while he and our economists lull us to sleep feeling safe and reassured that Malaysia would not be affected...Hehe...I wonder if Zety or MIER care to apologise?
I mean really whether -1 or 1% sounds no different to me.
Now China 8% that's something spectacular. I think China's central planning has some good points to make here.
What you think Tony ?
Everybody will be happy of the stimulus plan by any governments, except Malaysian. As Malaysian I feel othewise because I know the money is going to be drained out from Rakyat's coffer to certain benificiaries. Indeed hope Pakatan Rakyat could take care our money, not til the oil & gas reserve is dried off.
Thanks.
Concerned citizen
Anonymous 1, if you have opened your eyes a little more, you would have known that the current financial/economic mess has been talked about for a while. Warren Buffett has been warning of the collapse of the deck of cards called derivatives (in the place of investments) since 2004. The warning signs have been there since 2007 to prepare for the biggest financial storm to hit since the Great Depression, that is if you care to read the world financial news. Soros had time to print and publish a book in 2008 to explain the financial crisis. US/Europe took a year to admit to the problem and the consequences of that is that it gets to witness it's economy sinking along with the Titanic @ Wall Street.
With the developed economies in shambles and 3 of our biggest trading partners, US, Europe and Singapore warning of massive contractions to their economy, do you really think Malaysia would be spared? Do we really need to wait for official reports before planning for remedial actions? As a mature thinking adult, do you think protecting investors confidence is more important than saving Msian businesses from folding and Msian citizens from losing their jobs? What investor confidence would you have when your investments folds?
For the grown up that you say you are, I am amaze that you prefer govt PR to reality. Maybe you should start listening to kids sometimes, since kids don't lie.
While I am no fan of free market libralism, China's central planned economy with 8% growth is nothing to envy with. THe figure, 8%, in the first place, has low reliability and transparency. How do they come out with that numbers? Ask any serious economists or social scientist around, they will tell you not to get too serious about those figures released by China government.
That aside, our Stimulus Package for me is much worse than a "do nothing" scenario. Look through the policies, all I can see is Najib spending more money to put more unemployed people into the government workforce. We already have more than 1 million government servant, how could this grow forever??
And how much does they spend on public transport upgrade? They give rebate for people to buy new Proton cars though. How short sighted was that! China, despite all its critisicm, has invested so much money into renewable energy such as wind and hydropower to move away from oil dependancy.
We, blessed with oil resources, are spending like no tomorrow. It is not only how much we spend, it is where we spent it. Buy more cars, pollute the air more, and then we need to build more roads, and more contracts goes to the already filthy rich contractors, and Proton spare part suppliers.
Stimulus what?!! Change the government, NOW.
Yifan
chungyifan@gmail.com
No one know meh? Perhaps in your world anonymous (first one)...
See here:
http://news.bbc.co.uk/2/hi/business/7521250.stm
Signs were plentiful, gold price went up, shares dropped, unemployment numbers went up, soros wrote a book, jim rogers, soros, ron paul was all talking about it (see in youtube)...
Then the 5 big investment bank close in one week. That's like a BIG road sign saying 'extremely bad times ahead'.
All the while the msian govt said 'it's ok... we're not that affected'.
@#$%! There just isn't a bigger road sign... since 1930s when many banks fail in one week!.. that says "financial market meltdown ahead"
Interesting enough, soros made money last year :) Not bad for 'not knowing' I guess.
Perhaps you are listening to the wrong folks, listen to this kid. At least kids don't lie...
Gold and % rates don't lie too if you know how to read them.
Lastly, the markets don't lie :)
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