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We urge the Malaysian Government to provide a definite direction so as to improve the confidence of Malaysians and foreign investors on the Malaysian economy. Statement by Dr Tan Seng Giaw, DAP National Vice-Chairman and MP for Kepong on the Prime Minister Dato’ Seri Dr Mahathir Mohamad’s comment that there is no recession in Malaysia. 28.6.2001. | |||||||
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There is American economic slowdown. The world economy is affected and Malaysia is no exception. We lack direction. What should we do? Yesterday, the Prime Minister said that the drop in our economic growth rate was due to American slowdown. "There is growth but lower (some forecast a 3% growth). Unless we have negative growth on two consecutive quarters, then we can talk about recession," he added. As 33% of our output are exported to U.S.A., the American economy affects our country. Other countries face a similar problem. DEFINITE DIRECTION We hope that Dr Mahathir help Malaysians by rectifying the internal weaknesses such as corruption, wastage and mismanagement. For example, he announced the mini budget of RM 3 billion at the lobby in Parliament in April this year. Let us hope that this money is used effectively. The allocations, among other things, are for building 200 schools and assistance to rubber and oil palm | |
smallholders in rural areas. But, urban people also suffer: petty traders and hawkers are crying out for help. Malaysians who suffer from the economic downturn question the policy of continued capital control. On the other hand, some manufacturers may find the pegging of the Ringgit to U.S. dollar at RM3.8 to US$1 beneficial. Traders don’t like currency fluctuations. The Government must address this. Do we have a definite direction? Are we just strolling along, waiting for American or world economy to pick up. This could be a long wait. The resignation of Tun Daim as Finance Minister confuses the situation. Although the Finance Ministry has experts, we still need a Finance Minister and the confidence of the people. Let us have a definite economic direction including the strategy on capital control. Let us see how the Government is dealing with the drop in the foreign reserves and the economic growth. Dr Tan Seng Giaw | |||||
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