What could happen? Argentina raise interest rate to 40%. See
http://www.bbc.com/news/business-44001450
Malaysia is blessed with much natural resources such as petroleum, fertile land which produces cash crops such as oil palm, rubber trees, trees for timber, etc. However, because of widespread corruption and leakages, there is much loss of public money but things were still manageable because of Malaysia resources. But if continued, Malaysia may slip down the slippery slope to economic crisis.
Malaysia previously had much highly educated human resources many bilingual and multilingual, conversant in English, the de facto world language. However, the human resources of our country has to a great degree been lost to other country because of bad policies. We are exporting talent while taking in lowly educated unskilled workers. In fact, the late Lee Kuan Yew had laughed at us because of this.
If ever Malaysia's currency falls further, the interest rate may be raised like Argentina. Then we will have hyper inflation. There is a saying, things in Malaysia will not change (for the better) until the people suffers. The people are already suffering now, but because of the unique situation in Malaysia, things may still not change for the better if the people do not vote for change.
Perhaps the people are not suffering enough yet. But if ever things become like Argentina where interest rate is raised to 40% and perhaps more and hyper inflation occurs, then perhaps the greater sufferings may force the rakyat to vote for change (for the better)
Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts
Sunday, May 6, 2018
Wednesday, August 31, 2011
Speech by Lim Guan Eng At Foreign Correspondents Club, Singapore
Speech by The Honourable Lim Guan Eng Chief Minister of Penang At Foreign Correspondents Club, Singapore
12 August, 2011
Changing Penang in a Changing World: Transforming Penang
Ladies and gentlemen thank you very much for inviting me here to speak. I come here as the Chief Minister of Penang, one of four states led by Pakatan Rakyat or the People's Pact, the opposition coalition in Malaysia. I am from the Democratic Action Party, one of three coalition partners. I am extremely proud to be given the opportunity to govern the beautiful vibrant state of Penang and delighted to have the opportunity to speak to you. I hope by the end of my remarks you will consider coming to visit and invest in Penang, as it continues to be an attractive location for business and pleasure alike.
It is wonderful to be in Singapore. We have so much in common; shared history and people. Our bonds are deeply intertwined, culturally, politically and economically. I would like to highlight some of our common features. We are both small states that have punched above our weight economically through the hard work and creativity of our people. We have both been successes despite our size and obstacles we share. Today, more than 25%Malaysia's exports in terms of value and volume come from Penang -
more than half of the country's electronics are produced there - and we are among the top tourist destinations in Malaysia with a record numbers of visitors. Like Singapore, we appreciate the importance of planning, a favorable market environment for investors and fiscal responsibility. We both have worked hard to put ourselves on the map internationally, and done so successfully.
12 August, 2011
Changing Penang in a Changing World: Transforming Penang
Ladies and gentlemen thank you very much for inviting me here to speak. I come here as the Chief Minister of Penang, one of four states led by Pakatan Rakyat or the People's Pact, the opposition coalition in Malaysia. I am from the Democratic Action Party, one of three coalition partners. I am extremely proud to be given the opportunity to govern the beautiful vibrant state of Penang and delighted to have the opportunity to speak to you. I hope by the end of my remarks you will consider coming to visit and invest in Penang, as it continues to be an attractive location for business and pleasure alike.
It is wonderful to be in Singapore. We have so much in common; shared history and people. Our bonds are deeply intertwined, culturally, politically and economically. I would like to highlight some of our common features. We are both small states that have punched above our weight economically through the hard work and creativity of our people. We have both been successes despite our size and obstacles we share. Today, more than 25%Malaysia's exports in terms of value and volume come from Penang -
more than half of the country's electronics are produced there - and we are among the top tourist destinations in Malaysia with a record numbers of visitors. Like Singapore, we appreciate the importance of planning, a favorable market environment for investors and fiscal responsibility. We both have worked hard to put ourselves on the map internationally, and done so successfully.
Saturday, February 6, 2010
Economy or Democracy: Hope for change now better for malaysia
My worry over this tendency of voters particularly Malaysians to put more emphasis on money (economy) over stuff more important like democracy, corruption, transparency etc. now seem slightly reduced. Respondents in the Merdeka Center's poll regarding the Najib's Barisan Nasional's shameless power grab in Perak, apparently slightly more respondents chose democracy over democracy over economy: "60 percent of the respondents felt their right to democratically elect their own representatives was of primary importance as opposed to 28 percent who felt the state's ability to generate economic growth was more important."
Let's pray that Malaysians would get wiser over their choices as more people begins to realize which is more important and of more lasting benefits.
Let's pray that Malaysians would get wiser over their choices as more people begins to realize which is more important and of more lasting benefits.
Friday, February 5, 2010
Malaysia's economy face a steep dive
Brace yourself folks for a hard landing Malaysia's economy wise. Please folks, even if you are not interested in politics, think of your and your loved ones' wallet if we don't make even the tiniest effort at bringing positive changes to Malaysia (read this inspiring story Little bird smallest action changed the world if you need inspiration to gt off your butt).
Who is this Wenger Khairy? In this comment at Politics of kangaroo trial not only is a pretty sharp analysis of what awaits us in as per the direction of Malaysia's economic future, and is making me pay a bit more attention to him or her.
Dear Dato',
I have to respectfully disagree with your reading of the situation. The facts what you say are correct, but Tengku is spot on the interpretation.
Anwar in 2009 is not the same as Anwar in 1999. His support base is greatly diminished, and that may sound counter intuitive considering the tremendous gains the Opposition has made in the electoral seats.
Why do I say that?
The oft held wisdom among the UMNO elite is that Anwar is the glue that binds DAP and PAS, which as usual is outdated. In fact, really PAS had planned the outcome of this trial way back in 2009, and if you look at recent pronouncements considering the issues dear to the Malay community,they did not need Anwar to mediate a common platform with the DAP. Furthermore, PAS and DAP model was put to the test in Perak and it was the actions of 2 x PKR reps and 1 x DAP rep which caused it to fail, initially. Furthermore, Anwar did more damage than good when he decided to go with this MP jumping routine, and really if Anwar gets taken down, I bet it would not be an insignificant proportion that says good riddance to bad rubbish. Even RPK has more or less said so.
But Anwar has yet one last role to play before he goes down. He will bring the Government down with him.
Let me explain how.
From the initial 2 days of trial, we assume that this trial is going to last for some time, lets say 4 months. A week plus from now, Nizar's case gets mentioned before the High Court, around the same time TBH inquest resumes.
So we have two potential time bombs for the Government with this protracted fight against Anwar. Remember the Government is not engaging in a fight with the Opposition, they are engaging in a fight with Anwar. The Opposition (PAS & DAP) is happily working together to bring BN down.
And already a lot of questions are being asked on the motives of Saiful, you can read around to find out. Just imagine how Karpal & Co. are going to cross examine Sayful. Is the end game to save Anwar?
Or....
Around the same time our economy is in the doldrums. Government is in huge budget deficit mode, and the talk is that the oil subsidy will be revised. I roughly know the state of Government finances from the extracts from BNM. The growth rate in M3 is about RM 10-15 million a yr, which cannot sustain any meaningful bank lending to industry.
GDP this year? Real growth 3%?
Dato, is that number even achievable? After all the ups and downs of the economy tracks really the volume of exports which is governed by the semi conductor cycle. Which is governed by the demand from our friendly Americans for our goods. Last nite, US economy continued to shed jobs. No good news here, and any adjustment to the Petrol subsidy will mean deep recession.
Additional info: You have to utilize a tool called System Dynamics to see the bull whip effect that contributed to the regional increase in economic activity in Q2-Q4 2009. Quarter on quarter, Q4 GDP would be positive, but year on year, I estimate contraction of around -5 to -6%. Full year 2010 -1 to -2% real growth.
And so the question people are asking is why on earth is the Government so focussed on this trial? The people are asking this question because there are 100 other things that requires the Government focus as well, which they feel that the Government is either unable or unwilling to solve.
And that's what will drive voter attitude. The political outcome of this trial will be determined by the economic reality. If Malaysians achieve developed nation status in 2011, then the PM Najib is the best thing since sliced bread. If Malaysia achieves two consecutive years of recession, which is what Wenger J. Khairy is predicting, then the rest is kind of history.
But alas, whoever is driving this ship has set his course to go over the edge of the world, and so may he sail over it, with all those in tow.
Who is this Wenger Khairy? In this comment at Politics of kangaroo trial not only is a pretty sharp analysis of what awaits us in as per the direction of Malaysia's economic future, and is making me pay a bit more attention to him or her.
Dear Dato',
I have to respectfully disagree with your reading of the situation. The facts what you say are correct, but Tengku is spot on the interpretation.
Anwar in 2009 is not the same as Anwar in 1999. His support base is greatly diminished, and that may sound counter intuitive considering the tremendous gains the Opposition has made in the electoral seats.
Why do I say that?
The oft held wisdom among the UMNO elite is that Anwar is the glue that binds DAP and PAS, which as usual is outdated. In fact, really PAS had planned the outcome of this trial way back in 2009, and if you look at recent pronouncements considering the issues dear to the Malay community,they did not need Anwar to mediate a common platform with the DAP. Furthermore, PAS and DAP model was put to the test in Perak and it was the actions of 2 x PKR reps and 1 x DAP rep which caused it to fail, initially. Furthermore, Anwar did more damage than good when he decided to go with this MP jumping routine, and really if Anwar gets taken down, I bet it would not be an insignificant proportion that says good riddance to bad rubbish. Even RPK has more or less said so.
But Anwar has yet one last role to play before he goes down. He will bring the Government down with him.
Let me explain how.
From the initial 2 days of trial, we assume that this trial is going to last for some time, lets say 4 months. A week plus from now, Nizar's case gets mentioned before the High Court, around the same time TBH inquest resumes.
So we have two potential time bombs for the Government with this protracted fight against Anwar. Remember the Government is not engaging in a fight with the Opposition, they are engaging in a fight with Anwar. The Opposition (PAS & DAP) is happily working together to bring BN down.
And already a lot of questions are being asked on the motives of Saiful, you can read around to find out. Just imagine how Karpal & Co. are going to cross examine Sayful. Is the end game to save Anwar?
Or....
Around the same time our economy is in the doldrums. Government is in huge budget deficit mode, and the talk is that the oil subsidy will be revised. I roughly know the state of Government finances from the extracts from BNM. The growth rate in M3 is about RM 10-15 million a yr, which cannot sustain any meaningful bank lending to industry.
GDP this year? Real growth 3%?
Dato, is that number even achievable? After all the ups and downs of the economy tracks really the volume of exports which is governed by the semi conductor cycle. Which is governed by the demand from our friendly Americans for our goods. Last nite, US economy continued to shed jobs. No good news here, and any adjustment to the Petrol subsidy will mean deep recession.
Additional info: You have to utilize a tool called System Dynamics to see the bull whip effect that contributed to the regional increase in economic activity in Q2-Q4 2009. Quarter on quarter, Q4 GDP would be positive, but year on year, I estimate contraction of around -5 to -6%. Full year 2010 -1 to -2% real growth.
And so the question people are asking is why on earth is the Government so focussed on this trial? The people are asking this question because there are 100 other things that requires the Government focus as well, which they feel that the Government is either unable or unwilling to solve.
And that's what will drive voter attitude. The political outcome of this trial will be determined by the economic reality. If Malaysians achieve developed nation status in 2011, then the PM Najib is the best thing since sliced bread. If Malaysia achieves two consecutive years of recession, which is what Wenger J. Khairy is predicting, then the rest is kind of history.
But alas, whoever is driving this ship has set his course to go over the edge of the world, and so may he sail over it, with all those in tow.
Thursday, January 15, 2009
Tengku Razaleigh Hamzah admitted failure
Tengku Tan Sri Razaleigh Hamzah Umno member of parliament for Gua Musang castigated the current Barisan Nasional government's management of the economy in a stinging speech at today's 11th annual Malaysia Strategic Outlook Conference 2009.
He talked about how the government had failed to respond to the needs of the poor. He talked about how the education system crippled the youth of the nation, allowing them to grow up without the necessary skills needed to be competitive.
Of the socio-economic strategies he said: “We cannot comfort ourselves that we have sacrificed growth for social equity. If there is a trade off between growth and equity, we have not made it. We are failing on both counts.”
“Even if we manage to coast through this downturn, we will emerge with an economy that has failed to gear itself up to the demands of the global economy, fallen yet further behind the developmental path and locked ourselves tighter into a pattern of low growth.”
Asked by the audience what can be done to change the present political leadership to one better suited to guide Malaysia through the rocky times ahead, Razaleigh replied: “I tried but I failed.”
Read Lee Wei Lian's full report at Malaysia Insider's Has Ku Li gone rogue?
He talked about how the government had failed to respond to the needs of the poor. He talked about how the education system crippled the youth of the nation, allowing them to grow up without the necessary skills needed to be competitive.
Of the socio-economic strategies he said: “We cannot comfort ourselves that we have sacrificed growth for social equity. If there is a trade off between growth and equity, we have not made it. We are failing on both counts.”
“Even if we manage to coast through this downturn, we will emerge with an economy that has failed to gear itself up to the demands of the global economy, fallen yet further behind the developmental path and locked ourselves tighter into a pattern of low growth.”
Asked by the audience what can be done to change the present political leadership to one better suited to guide Malaysia through the rocky times ahead, Razaleigh replied: “I tried but I failed.”
Read Lee Wei Lian's full report at Malaysia Insider's Has Ku Li gone rogue?
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