Bursa bloodbath gives Najib pause on polls
By Shannon Teoh August 10, 2011
KUALA LUMPUR, Aug 10 — With some RM91 billion slashed from the stock market since last Monday (over eight days), Datuk Seri Najib Razak faces yet another global financial meltdown ahead of general elections — due in less than two years.
Although the prime minister was said to be mulling snap polls as early as the end of the year, politicians and analysts say that economic factors are now firmly out of his hands, with him hanging on to his Economic Transformation Programme (ETP) projects only for a rebound next year.
“These projects are his only defence against the storm clouds on the horizon,” said Jupiter Securities research head Pong Teng Siew, stating that Najib (picture) will only go to the ballot boxes after the ETP bites.
But DAP’s Tony Pua, one of the opposition’s top economic spokespersons, said that Najib is “hamstrung” as he heads into the pre-election period.
“In the last two years, he has been able to rely on high oil prices to bankroll public spending but that is not going to happen this time as the global slowdown will hit oil prices and our exports.
“This is Najib’s worst nightmare. The perfect storm is brewing and he can only hope to wait it out,” the Petaling Jaya Utara MP said.
For full article on The Malaysian Insider, click here.