We have been talking about how bad the economic situation is turning out till this has become stale. We all know it and feel it but the BN Government is adamant that we will be riding this out and we are OK.
Citicorp was the first to predict Malaysia’s GDP in 2009 will be 0.5% with a possibility of going into a technical recession even in this quarter (read here).
MIER predicts Malaysia’s GDP in 2009 to be either 3.5% or down to 1.3% with a possibility of going into a technical recession in the first half of 2009 (read here).
The Economist Intelligence Unit Country Report puts Malaysia’s 2009 GDP at 1.5% behind Indonesia, Vietnam and Thailand (read here).
However, the EPU, Nor Mohamed Yakcop and Muhyiddin boldly defend the Government and believe we can defy the odds. They believe with the initial economic stimulus of RM7B followed by another future RM7B the country can prop up the 2009 GDP to the 3.5% level.
Totally surprising was Razaleigh a.k.a. Kuli coming out with a sterling lunch lecture lambasting the state of economic affairs in Malaysia and that “we need a set of bold projects with an economic story behind it that will help Malaysia make the developmental leap we have been missing” (read here).
It seems our Government is standing alone in our economic forecast and propping up the state of economic affairs with a stimulus package which has yet to be executed is merely playing with numbers. Sabah has complained that nothing has reached them. If this is true, then nothing has arrived in Sarawak either.
Razaleigh has presented a different dimension that is broad and futurist in nature. As he has little need to shore up his popularity since he is not in the March election, he has been extremely candid and not mincing his words in his critique of the BN Government in handling the current economic challenges. Read more of his speech here.
Perhaps if our leaders are not preoccupied with a popularity contest and focus on the present and future of our country, we can definitely see a bold way forward to a brighter 2009 and 2010.
For now, we can only listen to what we are told about our economic situation while we all can tell and feel the truth about this matter. We can only hope and pray that our economic salvation with bold moves will not be too little, too late when it comes, if it comes!
Every country affect has worked hard to take abnormal actions, bold and big, and they have executed their plans. Malaysia has talked and talked about how good our stimulus plan is and is still talking. When will we learn that mere talking and propping a perception does not make an ailing economy become better.
The only bright sparks have come from people who are NOT in control of the Government. Be it Razaleigh, Citicorp, MIER, Anwar, Tun M, they all hold views contrary to the BN Government but they can only share their thoughts. That’s about all we can see today.
Proud 2B Malaysian 