Over 4,700 Malaysians to Lose Jobs

Posted: December 26, 2008 in Anwar Ibrahim, Malaysia, Malaysia Today, malaysiakini, Malaysian Economics, Malaysian Politics, Najib Tun Razak, USA


The other day, Pak Lah said Malaysia can withstand the impact of the current global economic situation and will not go into a recession. He said Malaysia would be able to withstand the US credit crisis as Malaysia still had strong economic fundamentals as well as political stability as we also have very strong reserves, our surplus is still strong, our domestic savings are also very high and our currency is also stable and not subject to fluctuation.

Najib, our Prime Minister In Waiting, on the other hand, also says Malaysia’s economy is stable and Malaysia enjoys strong economic fundamentals and its financial markets and infrastructure can handle any external shock.

Our Second Finance Minister Tan Sri Nor Mohamed Yakcop also says  Malaysia will not be in recession next year because the government’s  RM7 billion economic stimulus plan implemented will start to show good results by the first quarter of next year and based on this calculations there is no possibility that Malaysia will enter recession in 2009. He further brags that Malaysia will not only survive but emerge as a more prosperous nation after all this.

Is Malaysia in a state of denial or what? Is Malaysia the only country in this whole wide world which is insulated from recession? I am wondering. I am curious. Or are our economic wizards much smarter than the ones in US, Europe and Singapore? Are we actually that good kah? As far as I know, United Sates, Europe, Japan and even Singapore are saying they are in recession and I also know that this is a Global Financial Crisis and that the whole world will be affected.  How come our top notch politicians are denying?

Just now I heard that over 4700 Malaysians will lose their jobs in the next 3 months and this is according to our Human Resources Minister S. Subramaniam. Subramaniam told state news agency Bernama that 102 companies had informed the Labour Department that 4,749 workers would be put out of a job between January and March 2009, with most coming from the electronics sector. 

What is happening? Why the rhetoric about Malaysia’s sound economic fundamentals and in denial about the economic situation.

I am worried that Malaysia could experience something far worse than recession if we are not careful and continue to spew rhetoric and in denial. Malaysia could even go into Stagflation which is a combination of inflation and stagnation.

Lets not be in denial. Lets talk reality and stop treating Malaysians like fools. Don’t be in denial. We need a national economy rescue plan to be drawn up fast before its too late.

I know America is responsible for causing this dilemma which is a combination of bad leadership (Bush) and Americans spending too much and borrowing too much and got full of themselves (with wars) with US$10 Trillion in National Debt and with US$52T  in overall debt.

I also know that the whole of Asia would be hit by this recession as it depends on the US economy. Even though domestic demand and diversification of trade in the Asian region will partly counter any drop in the US demand, one simply can’t escape a downturn in the world’s largest economy. The US economy accounts for 30 per cent of the world’s GDP.

So lets not be in denial and politicians stop the spin.

  1. Pra Mumbakut says:

    Sugali, you made my day…this is so funny bah Pra.


  2. Sugali bin Ayub says:

    Malaysia Boleh! We have the smartest MINISTERS here and therefore we cannot ever go wrong. Our Ministers are always right and we should just let them do the thinking for us and they will lead us to PARADISE! Our Ministers become experts in every subject once they become Ministers. Look at Hishamudin, see how smart he is, he is an expert in educational matters and that is why Malaysia is doing sooo well in education and our universities are tops in the world. We need more Hishamudins to open their mouths so that we can learn much intelligence from the cream of Malaysia, our guiding light.

    We the rakyat should just shut our mouths and just follow our Ministers as they know whats good for us and they will get us out of this darkness.

    I’m serious and I believe in the wisdom of our GREAT MINISTERS of MALAYSIA. MALAYSIA BOLEH! SEMUA PUN BOLEH!


  3. Hadar says:

    Saya dukacita dengan penipuan dan gelagat tidak amanah kerajaan BN terhadap tanggungjawabnya kepada rakyat dan negara. Oleh itu rakyat perlukan PKR atau sesiapa pun untuk membuktikan tentang pembohongan/kelemahan BN dengan mengemukakan data/maklumat mengenai ekonomi negara supaya rakyat akan dapat membuat penilaian yang tepat pada pilihanraya akan datang khususnya di KT bulan depan.


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