Can the street gangsters face the recession alone?
You may not like it and the politicians especially the PM-in-waiting who will be sworn in as the country’s sixth Prime Minister in another month may want to hide the fact but it appears that Malaysia may need to fight this recession alone.
Malaysia‘s GDP (gross domestic product) registered a growth of 4.6% for 2008, shrunk from 6.3% recorded in 2007 and lower that earlier projection growth of 5% (for 2008). However the fourth quarter’s (Oct-Dec 2008) growth was at disturbing 0.1% growth compared with 4.7% in the third quarter. That’s if you believeMalaysia was actually doing better *applause* than neighbor Singapore which was in negative territory – 4.8% contraction in the fourth quarter.
Previously Second Finance Minister Nor Mohamed Yakcop claimed that the government expects a 3.5% growth for 2009 despite a global economy downturn because the trick was the RM7 billion fiscal stimulus package. Immediately the PM-in-waiting and Finance Minister Najib Razak rushed to declare that there’s no possibility that Malaysia will enter recession this year. Now the Second Finance Minister who was also said to be the person who wiped out a whopping RM30 billion of nation’s money from forex speculation losses between 1992 to1994 is singing a different song, asking Malaysians to accept the reality that the global financial havoc is expected to prolong till next year and probably will affect the country. these numbers have not been cooked *grin*. Anyway giving the honest politician and finance ministry the benefits of doubt
