Didn’t we tell you Najib: Let go of Perak, It’s the economy ..
By Wong Choon Mei, Suara Keadilan
Second Finance Minister Ahmad Husni has warned that Malaysia’s economy would contract worse than the negative 1.0 percent officially forecast by the government in March.
“I cannot tell you but it will definitely be below minus 1.0 percent,” Ahmad was reported as telling Bernama.
“Wait for the central bank’s announcement tomorrow. Prime Minister Najib Razak will make another announcement the next day on the new forecast growth for 2009 and we will then know the position of the country’s economy.”
RM60 bln still not enough? Let go of Perak!
Two months ago, Najib, who is also the finance minister, launched a record RM60 billion economic stimulus package spread over two years to tackle slumping exports and diving commodity prices. This was in addition to another high-profile RM7 billion stimulus he unveiled in November 2008, but which he again failed to ensure got off the ground quickly and efficiently.
Even then, critics had lambasted his March efforts as cosmetic, warning that the massive spending plan lacked concrete measures and was also dangerously low on details. Malaysian authorities have been notorious for large-scale leakages of funds due to endemic corruption and wastage at the highest levels.
But apart from economic fundamentals, most slammed Najib for his delay in getting down to business. Because his political footing is less secure than it appears, the 55-year old has been spending most his time tightening his grip on the country.
Not just against the advances made by Opposition Leader Anwar Ibrahim and Pakatan Rakyat, but more so within his own Umno party, which is famous for its warlords and fractious infighting.
In particular, a botched coup d’etat in northwestern Perak state has sharply bent his focus, drawing huge unpopularity for himself and his Umno-BN coalition.
Smiling and masked
But like many other leaders who have tried to blow with the political winds, Najib has found himself riding atop a tiger – unable to dismount or get gobbled up by the beast!
More than from the Pakatan, Najib’s greatest fear is now from within his own party after failing to snap a series of electoral losses.
“Najib is not paramount which is why he has been getting the police to help him stamp out dissent. He has more enemies in Umno waiting to unseat him than in the Pakatan. At least, from the opposition, he can tell who he is up against. But from within Umno, they are all smiling and masked,” said a political analyst.
Malaysia reported economic growth of just 0.1 percent in the fourth quarter of 2008, hit by falling exports and manufacturing. Figures for the first quarter of 2009 are to be released by the central bank on Wednesday.
Private forecasters have predicted that GDP could contract anywhere between negative 1.0 to negative 5.0 percent in 2009. Last month, the Malaysian Institute of Economic Research said in a report that the economy could shrink by 2.2 percent this year.
