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Sunday, May 18, 2008

The Coming Economic Storm. Should Malaysia Worry?

It seems the world's economy is bracing for a slowdow. The graph below shows there is a strong posssibility the US will enter a full blown recession.

The question would be, how will it effect us in Malaysia. A recession in the US will no doubt result in a massive slowdown of the world's economy and Malaysia is no exception.

Some argue that the effect will not result in Malaysia entering a full blown recession. But all do agree that Malaysia too will experience a slowdown. They say that Malaysia can still ride on our commodities export which is currently at one of it's highest in history.

But, will this mean that Malaysians as a whole will not have anything to worry about. Let us not forget that the commodity sector (oil, palm oil, rubber etc) are not sectors that employs the most Malaysians.

With the slowdown, we can be sure that our Electrical and Electronic (E&E) goods export will be severly effected. Since more than 50% of our export is E&E, a slowdown in the US economy will effect this sector.

This would mean, more manufacturing plants will be closed and in short it would mean that uemployment in the manufacturing sector will increase. Already cheap labor from Indonesia and Bangladesh has resulted in the locals being out of work or unable to find work. A sudden increase in the number of plants being closed-down will compiound that problem.

At the same time, the average family in Malaysia will have to grapple with the ever increasing price in energy and food. On top of that their incomes seems to stagnate and not increase in tune with inflation.

What is even more scary is that the current government has no clue on how to handle the impending crisis. They have no solution on how to increase the average income of the Malaysian population, they have no clue on how to control inflation, they have to clue on how to create new growth area for the country.

Basically, under the management of Pak Lah, the country's economy have been stagnant. If it wouldn't for the price of oil and commodities, i believe Malaysia would have entered an economic recession a long time ago. His team of misfits are nothing more than a bunch of theives shiponing the wealth of the country into their respective pockets.

At the same time, the average Malaysian are forced to survive on their ever decreasing disposable income. The level of coruption, on the other hand is not seen to be subsiding but actually getting worse. This would result in leakage of government resources, which then result in higher operating cost.

This would mean the goverment will have less and less money to spend on the people. Even with the loss in 2008 elections, the government doesn't seem to think that there is an immediate need to improve the people's living conditions. It has been more than a month after 2008 election and yet we have yet to see ONE SINGLE SOLITARY measure by the BN government on how to eae the lives of ordinary Malaysian.

It looks like business as usual for the Pak Lah goverment, that is, using all of the country's wealth to enrich a small minority of cronies. Meanwhile, the majority of Malaysians continue to suffer.

That is BN. That is UMNO. That is Pak Lah. That is Khairy and his 4th floor boys. They’re nothing but a bunch of crooks and thieves.

So to answer the question in the title of this article, Yes we need to worry and we need to worry so much that we must be willing to ACT. If elections have failed to realize UMNO and BN, then we need to take it to the streets. We have no choice. We owe it to our future generations.
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