which Putraja windows have no access into:( THIS IS THE FIRST TIME I'M ALSO PICKING UP THE COMMENTS accompanying this post at Raja Petra's cyber abode because it's right and proper you get feedback from the man-in-the-street to reflect a situation where Desi feels the BN leaders -- especially the Finance Ministry idiots! -- have indeed LOST their way caught in their obsession in the fight to cling on to the diminishing seats of power on the PWTC Stage. Yes, much sandiwara is going on, non-stop, building into a crescendo as every UMNO General Assembly approaches. And the DPM has the cheek to urge Others to lessen politicking!
May the God, however you deem HIM to be, guide Malaysians through such challenging times ahead -- especially in 2009/2010 when RECESSION WILL DEFINITELY REACH THE SHORES OF NEGARAKU -- and if He be kind, protect us from such uncaring souls quite removed from Malaysian planet. Or are these politikuses from another hole? -- YL, Desi
'Economy will not slip into recession'
Posted by admin
Sunday, 07 December 2008 09:24
(NST) - Second Finance Minister Tan Sri Nor Mohamed Yakcop has given an assurance that the economy will not slip into a recession next year, despite the worsening situation in the United States.
He said the RM7 billion economic stimulus plan announced by the government last month will be implemented quickly and will start to show results by the first quarter next year.
"At this point of time, there is no possibility from our calculations that we will enter recession next year. Our calculations are based on the economic scenario and on what we are going to do," he said after launching Yayasan Ekonomi Sejagat here yesterday.
He was asked if Malaysia could slip into a recession next year following further negative economic developments in the United States, Malaysia's single biggest trading partner and major export market.
The recession in the US, unlike the mild one in 2001, is spreading across most of its economy.
Service industries, most of which suffered only a little then, are being hit harder now.
The US employment figures for last month showed there had been one million jobs lost, about 100,000 more than during the 2001 recession.
Nor Mohamed said: "We want to make sure that most of the stimulus measures are implemented by the first quarter. Then, it will have an effect on the economy."
Asked if private financing initiatives (PFIs) will not be of priority in their implementation, the minister said: "Conventionally-funded projects or PFIs, if they are viable, we will implement them quickly."
Nor Mohamed said Bank Negara was engaging with banks to ensure there was a continuous credit flow to spur economic activities and to provide job opportunities.
"It is important to trust in our ability to generate economic growth or we could talk ourselves into a recession."
He said despite some minor retrenchments in some export-oriented sectors, the Malaysian economy was still sound, with non-performing loans at only 2.2 per cent. There was also ample liquidity in terms of the savings rate.
"It will be a challenging phase for us in the next 18 to 24 months. But we must remember, from history, that in bad times, Malaysia has not only survived but emerged more resilient."
In Alor Star, Kedah Menteri Besar Datuk Seri Azizan Abdul Razak said all states, regardless of whether they are under Barisan Nasional or Pakatan Rakyat, must work together to ensure Malaysia can weather any economic storm.
"At this point, the five Pakatan Rakyat-led states and the BN-led states need to work together to deal with economic woes," he said at a function to hand out 132 head of cattle to federal and state departments for Hari Raya Aidiladha.
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Comments (36)
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written by ibabonma, December 07, 2008 09:48:50
Nor Mohamed Yakcop, bulan lepas harga kelapa parut RM 1.60 sebiji dimana sebelumnya RM 1.20 sebiji. Semalam harganya melambung RM 2.00 sebiji.
I am not an economist, just an ordinary consumer. Tell me, does it means anything to you as a minister in charge of our economy? Are you blind?
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written by 3nity, December 07, 2008 09:51:53
Malaysia boleh! I am so proud that we in Malaysia's RM7 billion is "much more powerful" than the US's USD700 billion! I'll now go buy a property on the steep slopes of Medan Damansara as my leaders says it's safe!
Malaysia boleh.
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written by axppin, December 07, 2008 09:52:02
Please check your calculations again YB FM2 Nor. Don't be too sure of your conclusions. Frankly, I would rather hear what Tan Sri Zeti has to say on matters affecting the economy. Far more qualified, competent and far far more credible.
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written by ahmadneil, December 07, 2008 10:09:44
He's bullshitting! I can guarantee that Malaysia will go into recession becos we are a exporting country and US been our biggest market will surely affect us.The gov't is trying to avoid this word 'recession',becos it will affect their popularity.
The stock market will dive below 500 points,proton will be begging the gov't for massive injection of funds,the oil palm industry will be in trouble,job losses will be massive becos we have too many unskilled labour etc.
If the gov't don't cut wages and increase job training,they will be facing serious problems and also the problem of liquidity.The banks will not give out loans and most of the SMI will collapse.This is the worst crises the world is facing and yet malaysia is telling it's citizen that we ere all OK. This is nothing but lies.
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written by cahaya, December 07, 2008 10:13:12
Dec. 3 (Bloomberg) -- The market isn’t supposed to swoon when you tell it what it knew already. Nonetheless it seemed to do precisely that on Monday. After the National Bureau of Economic Research [in USA] issued a routine report on our recent troubles, the Dow Jones Industrial Average dropped 7.7 percent.
The folks at the NBER must be blinking hard. All they did was say we were in a recession, and date the start of it to December 2007. Since everyone knew something was wrong with the economy, that shouldn’t have come as such a shocker. . . . NBER chief James Poterba points out, by its very nature the NBER recession proclamation is a lagging indicator. “We’re looking in the rearview mirror here,” Poterba said yesterday. The NBER doesn’t forecast.
The deputy Finance Minister says Malaysia will not slip into a recession in 2009. How does he know? If the best economists cannot forecast the future, how can he possibly say that? Another case of Malaysia Boleh! Is this a myth designed to help the new Finance Minister win his party’s elections?
In that case, MT readers forecast that after March 2009, the Finance Minister will announce that Malaysia is actually in a recession, and say that recession started sometime in 2008.
report abusedisagree 0agree 31...
written by Motherchell, December 07, 2008 10:13:32
This is the real state of our leaders! All so called eggheads nominated by UMNO. From University Chancellors to heads in Ministries to grassroot leaders. All living inside a self made rotten maggot infested cocoon to appease the Powers they hold dear for crony survival. They don't care if the Country dies or lives!
They live the chesty life , they are pampered from dawn to dusk , they sip the freshest of waters , eat the best of foods . They wont know a damn if its going to rain or shine.
The breed that has been breathing and mutating for 51 years. --- Malaysia is not a laboratory for their whims and fancies!!! These species have to be destroyed! before it destroys the Nation!!
Nor Mohamed Yakcop is one of those mutations that has to be incinerated fast.
http://sjsandteam.wordpress.com/
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written by onnetline, December 07, 2008 10:33:34
A blatant liar in the wake of this global economic crisis.
Now our country is weak and cash strapped ........... thanks to all the robbers and thieves from UMMNo !!
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written by ylcc, December 07, 2008 10:45:29
Absolutely right, Tan Sri Nor Mohamed Yakcop, and my husband is the President of the United States! Barrack (notice the first name relationship?), has also assured me that the Malaysian economy will not slip into a recession next year, despite the worsening situation in the United States!!
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written by cheekhiaw, December 07, 2008 10:46:16
This thief and liar may not be lying this time. There may well not be a recession in Ringgit terms. There will be an expansion. They will be printing money like hell to pump prime the economy. You are already seeing the effects of over-printing of money, which is super-inflation.
They are not lying in that 'no recession' statement, just stealing by over-printing money. That is one lie people cannot tell.
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written by cheekhiaw, December 07, 2008 10:48:53
People with a lot of cash in banks and EPF should use the current down market to convert them into REAL assets like gold and land.
Super-inflation in on the cards and all the interest they pay you for holding cash is not going to help.
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written by ahmadneil, December 07, 2008 11:11:51
Alot of listed companies will go bankrupt.Be careful of what you buy!
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written by ahmadneil, December 07, 2008 11:13:34
Invest in cheap land with minimun bank loans.Keep it within your budget!You will never be wrong.
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written by Msian Idol3, December 07, 2008 11:46:25
Please don't believe this crystal ball fortune teller "Yakup". He forgot his beer & so he is delirious in his readings from the crystal ball.
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written by Margeemar, December 07, 2008 11:50:15
Minimum wage if set high enough may boost the economy, giving people money to spend on various goods and services. People could replace their microwave oven, hire a plumber to repair a leaky pipe, etc.
It would also help people shorten the hours they work, that is, they can have 1 job, not 2 or 3, so to have more time with their family. If parents can't spend time with their kids, what kind of adults will the kids grow up to become?...More http://margeemar.blogspot.com
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written by June, December 07, 2008 13:01:32
Hi Tan Sri Nor Mohamed Yakcop , are you an economist or a joker. Please do not lie to Rakyat anymore that recession will not happened in Malaysia. What the heck you talking about?? My company not giving us BONUS this year as business is really bad and everyone is prepared for the worst economy next year. And I know some company in Malaysia already cut head and stop recruiting ppl. Please stop all the NONSENSE!!
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written by cahaya, December 07, 2008 13:05:00
On second thoughts, perhaps the Deputy Finance Minister is correct.
Malaysia will not slip into Recession. (= A period of negative economic growth. In most parts of the world, a recession is technically defined as two consecutive quarters of negative economic growth, that is when real output falls.) Notice Recession can only be known after the event, but never before.
Malaysia could experience something far worse than Recession! Malaysia could go into Stagflation. (= The dreaded combination of inflation and stagnation, that is an economy that is not growing while prices continue to rise.) As it is, many Malaysians are already suffering because of Inflation. (= The upward price movement of goods and services.) If no economic growth next year (stagnation), then our suffering will be far worse than it is now. Malaysia needs a new Finance team to get us out of this mess.
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written by citizenmy, December 07, 2008 13:39:53
Saya tarak percaya sama awak pun cakap Nor. Itu lumbu pun cakap ada lebih butul daripada awak punya cakap.
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written by harryo, December 07, 2008 13:58:06
What he is saying is the economy will not slip into recession but will sleep in to recession. So he is right. Just a spelling error.
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written by vineeth menon, December 07, 2008 14:35:47
Yakob is either Ignorant or Lier or In denial ..
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written by Rodins Fist, December 07, 2008 15:14:05
Dear MT Readers,
Time to tighten our belts, (again). Dam BN is bleeding us dry!
Btw, please opt to remain at 11% EPF deduction. 8% will lead to us paying more income taX! @#$%^! BN.
report abusedisagree 0agree 8...
written by onnetline, December 07, 2008 15:22:45
His message is really about the 'economy' of the BN-UMMNO corrupted rich will not slip into recession.
It's about taking turns stealing from the country's coffers and staying unaffected.
Shameless leaders !
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written by Penang Laksa, December 07, 2008 16:09:40
Recession? What recession? Lets get back to our game of 7 billion. one for you and one for me, and one for you and one for me. Don't worry! Still plenty to go around. After EPF, we stll have Tabung Haji PNB Petronas Hey! WE even have the whole contry to scrap to the bottom. Those dump rakyat will always vote us in to screw them out.Don't worry, I assure you no recession for us. for them, lain question, lain kali-lah.
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written by Ho Lee Man, December 07, 2008 16:23:27
Dear Minister,
I run a successful furniture manufacturing and export business for 27 years. We went through 2 economic recessions in 1987 and 1997 and survived this far. Since 2007 ,our export orders plunged, manufacturing cost escalates and now banks are reducing our facilities at stages. In view of these challenges ,we not only tighten our belt and adopt prudent solutions to pull through this depression. On this coming tuesday ,I am going back to plan with my employees a retrenchment program in stages.I do not need your reassurance on the economy not slipping into a recession next year. I know what is ahead ,when I check my order book for the next 6 months. It would not lie to me.
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written by angkasawan bocor, December 07, 2008 16:44:09
If BN Gomen is unable to tackle even the inflation of prices of goods, needless to mention anything about recession.
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written by Msahibul56, December 07, 2008 17:05:15
He could be right. We might not face a recession but our economic growth would be much lower. Maybe 1 or 2 percent or even 0.0001 percent. But we could face other problems - inflation, unemployment, stagnation, depression... and many many more.
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written by cble, December 07, 2008 17:51:40
Boleh percayakah Menteri Nor ini? Bukan ah semasa menjawat Timbalan Gabnur Bank Negara dulu, beliau telah menyebabkan kehilangan besar wang rakyaat dalam permainan saham. Sepatutnya Nor tidak harus dilantik sebagai menteri in the first place
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written by Food Thought, December 07, 2008 17:55:48
Other countries are preparing for the reality or already in recession but Malaysia as usual, a Fantasy Land still playing cover up, swept under carpet, hidding from the truth and keep trying to divert the real issue. While god knows who up at Putrajaya there are busy channeling their money to elsewhere and prepare for the worst leaving us rakyat in the dark. In few years time, they will, come up with a biggest and lamest excuses of the century on why our RM has slipped into Zimbabwe $$ value. Then my prediction, to make it sounds better some prof kangkong or idiot will gives us a benchmark of RM and tell us that their studies showed that at least our currency is 10K much higher value than Zimbabwe $1,000,000. Well, they can do and say anything they want afterall they're BN.
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written by ibabonma, December 07, 2008 18:15:06
As what our elders usually say: don't trust a man with woman's voice. He is neither here nor there type .... the penipu type!
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written by sttb08, December 07, 2008 18:15:40
Of course, no recession - what do you stupid ignoramus rakyat know?? Got recession, I go to my ATM lah - EPF, Tabung Haji, PNB, LTAT,
Just STFU and let me screw with your money in peace
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written by asguard, December 07, 2008 19:59:57
That moron only knows how to fill his pocket with money while continued his lying to the public... about the state of economy the real truth! Don't think that the people don't know about the lying (endless lying) twisted and manipulation. Everyone from hawkers to office workers knows that the second finance minister is lying just like najis is telling a lie about monggolian murder case..
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written by arazak, December 07, 2008 22:26:19
"At this point of time, there is no possibility from our calculations that we will enter recession next year. Our calculations are based on the economic scenario and on what we are going to do," he said after launching Yayasan Ekonomi Sejagat here yesterday.
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Dear 2nd Fiddle Financce Minister,
Actually, we do not trust your CALCULATIONS! The last time you use your so call CALCULATIONS we loose over RM30 Billion in foreign money market. Your so call CALCULATIONS is more like gambling, i.e., throwing the dice and decide upon what the dice show. That has been, and is still your indicator . . .!
So, please stop gambling with our future lives.
And one more thing. . ., we the Rakyaat, have not forgiven the RM30 billion you gambled away with our money and loose them in the 1990s!
What? You think we have forgotten that?
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written by archie, December 07, 2008 22:41:50
Malaysia's major trading partners, not just the US - Japan, EU, Singapore, are already in recession. China and India, though not in recession, are having much slower growth.
Most likely Malaysia will slip into recession next year.
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written by clarity, December 07, 2008 23:21:25
Firstly, he is expecting the $7 billion from the petrol in which we currently subsidising them. Secondly, probably half of the $7 billion will be implemented into their pockets.
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written by Tan Tan, December 07, 2008 23:30:13
I dun trust his words...but I hope I am wrong on this. Malaysia cannot have reccession....we cannot walk out from it
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written by shepherdvoyage, December 08, 2008 09:34:22
Is BN a superman that can save Malaysia from whatever crises that hit the rest part of the world?
Nor Mohamed Yakcop, stop treating us like fools and giving false assurances!! We know what is happening!
Of course u won’t feel the pinch because u can carry on with an extravagant life like your cronies do, on our hard earned money.
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written by batsman, December 09, 2008 11:50:05
If it does, will you resign?
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