Najib’s Admission of Economy Faltering A Turning Point?

Najib today admitted to the fact the Government stand on a 3.5% GDP growth will have to be reviewed reflecting concerns that it can be a negative growth instead (read here).

This is the first time we have actually heard our Government acknowledging the reality that we all have felt and admitted for a long time.  It is no longer possible for our Government to hide the reality and the attempts to talk our economy out of recession is an utter failure.

The first RM 7 billion stimulus went no where to be felt.  We only heard about it but nobody seems to know what it actually did.

[UPDATED] The Star reported today (18/Feb) that Badawi acknowledged that only 70% of the RM7 billion stimulus plan has been disbursed (read here).  Again, nobody seems to know where the RM4.9 billion went.

Now, Najib is about to announce another stimulus on March 10.  Word has it that it will be a bigger one.  However, it is very strange to note that all countries had acknowledged the economic challenges much earlier and responded with huge stimulus packages to jumpstart their economies, in proportions far, far bigger than our RM7 billion to date.  Even Singapore has gone to inject S$20.5 billion which will be very meaningful.  Our RM7 billion can barely scratch the economy, much less to jumpstart it to prevent the slide further.

It is not only how much the stimulus plan is but what and how is going to be done.  Malaysia must take equitable actions right across the board.  We must remove corruption in the system to ensure all stimulus plans can be executed with national pride rather than sectorial bias or abuse.

Can this be done?  The stimulus must not be a rhetoric which our leaders love to evoke for personal political gains, especially in light of the Umno election next month.

We implore the Government to leverage the best economic minds of the country and listen to the people’s concerns of losing income, unemployment and inflation challenges.  We want leaders who are in touch with our reality, not take an untenable position blindly to make us think that we have a lesser economic problem than other countries.

Let us watch if this is a real turning point in our Government’s stance and will it lead to positive, clear and definitive economic actions?  We shall soon see what Najib has to say and what the Government will really do and not merely talk.


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One Comment to “Najib’s Admission of Economy Faltering A Turning Point?”

  1. According to Star Nation today, only 70% of the RM7b stimulus packages dispursed. I’d like to know who’s benefitting from this package and where these funds are ending up. As much as I like to be positive about this, much of the funds, I suspect would still ends up in someones’ pockets. The unintended pockets. And definately not the Rakyat’s pockets.

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