Economic effects to be felt till 2010, says Nor

The effects of the global economic crisis are expected to be felt by Malaysia until 2010, Second Finance Minister Tan Sri Nor Mohamed Yakcop said Saturday.

He said being an open trade country, Malaysia was now in an uncomfortable zone and the Government was taking immediate measures to mitigate the effects of the crisis.

"Everyday we hear of retrenchments rising and the number of companies facing cash flow problems and bankruptcy increasing as if the global crisis has no end," Nor Mohamed said.

"The global crisis is becoming more challenging and we see signs that it could continue until 2010," he told reporters after officiating the urban micro credit assistance programme for Georgetown, here.

Also present was Datuk Amihamzah Ahmad, Chairman of Amanah Ikhtiar Malaysia which is carrying out the programme.

Nor Mohamed said the Finance Ministry was now compiling information on the global economic crisis by having meetings and discussions with all parties, including the private sector, to get their feedback.

"We need to get feedback directly and indirectly so that the government can take specific measures to overcome the problem and up to now we have received a lot of information," he said.

He added that Deputy Prime Minister Datuk Seri Najib Tun Razak, who is also the Finance Minister, was looking at the information to ensure that the mini budget to be tabled on March 10 will be comprehensive, covering all the important areas.

Nor Mohamed also called on all Malaysians to be united in facing the challenges of the global economic crisis.

"We have to accept reality, the country is in an uncomfortable zone and we need to be united in facing the current challenges which are extraordinary ones," he said. – Bernama