With the government on a senseless spree of national asset sales, endless foreign borrowings and yet debt kept raising, larger budget passed in Parliament with revenue uncertain, and cutbacks made at will without pondering of larger impact on the economy, growth and peoples' welfare, indications were already bad for quite sometime.
Global economy began to expect a looming recessionary trend. Its obvious PH government does not seemed to know what to do, pressed the panic button, and kept politicising it by blaming 1MDB, Najib's policies, and BN 60 years failure, claimed just former-ed MOE Maszlee Malek.
Economic confidence were slipping in April 2019 and PH were slipping in youth support. By May 2019, Malaysia only realised global funds by-passed the country. More troubles ahead.
If not for the political drama of power transition diverting public attention from the impending economic hardship like what Hindustanis 2 hour movies used to be for the Indian masses, Malaysians would have panicked in 2018.
The latest survey from Merdeka Centre, if they can be trusted and its truly an independent survey not to please the paymaster, Malaysians have began to realise.
Merdeka Centre survey
FMT report reproduced below:
Malaysians losing confidence about future, says report
FMT Reporters - January 5, 2020 8:39 PM
PETALING JAYA: Economic and political uncertainties have caused Malaysians to lose confidence in the country’s direction, according to a report by pollster Merdeka Center.
It said 61% of Malaysians surveyed in November felt that the country was on the wrong track, with only 26% thinking the opposite.
Economic concerns topped the list of biggest problems faced by the country, with a 61% response from those surveyed.
In response to the Merdeka Centre report, Finance Minister Lim Guan Eng said today the government was confident that economic growth would be better this year. He listed five factors for an improved economy, among them higher commodity prices and greater government spending.
Other major problems cited in the survey were: racial issues cited by 7.5%, political leadership (4.2%), social and public safety (3.1%) and politics (1.5%).
The top five issues of concern to those surveyed were: inflation (cited by 53.1%), job opportunities (22.2%), corruption (20.8%), Malay rights and fair treatment of all races (20.5%) and political instability (17.5%).
|A graphic view of falling confidence among Malaysians. (Merdeka Center pic)|
“Confidence in Pakatan Harapan to run the economy continues to decline as discourse over government expenditure, sale of assets and uncertainties on proposed public infrastructure initiatives (eg: toll road nationalisation) mounts.The previous two postings already extensively revealed a possible political senario to unfold and explode with a possible no confidence vote in the March parliamentary seating.
“The unveiling of the Shared Prosperity Vision 2030 has not arrested the pace of the decline,” the report added.
Racial polarisation was cited by 16% of those surveyed as the reason for the country being off-track, while weak government administration and leadership were mentioned by 14% and 13% of respondents.
On the political front, the think tank said Malaysian politics were currently guided by the transfer of power of the prime minister and the stability of the government while preparing for the 15th general election.
A political deadlock could possibly continue as a hung parliament is in the making.
Shared Prosperity Vision 2030 was no visionary planning but mere copycat work of United Nation program.
Confidence with the PH administration will continue to be gloomy. From the days of Pakatan Rakyat, where they were positioning themselves as rakyat friendly and concerned, PH real vision of governance seemed to be oppressive and lack any iota of compassion to the plight of the people.
A sick man with stage 4 cancer were made to appear at the EPF office in an ambulance with medical personal assistance. A corporate CEO could have an EPF director appear at the office to get signatory.
The country have not been able to develop its people to prepare for the economic needs, challenges and changes. Nevertheless, Najib made an attempt to show more concern for the people welfare though not completely from cradle to the grave.
PH is now saying you are on your own and now willingly allow employments through loose immigration rule for Chinese and Indian nationals.
The public institutional investors are losing money and country is short of funds yet PNB announced will quadruple their investment abroad. Government U turned from earlier position of Council of Emminent Persons to sell overseas assets to bring back the money.
That money is better used to nurture the economy, develop strategic sector for growth, create jobs, train the people and improve social condition.
No confidence with Mahathir
No wonder foreign investors bailed out of Malaysia the moment they realised BN was to lose and Mahathir-led PH government would takeover and the cocophony set in.
Where Malaysians are in-denial hoping on Mahathir for a miracle, they had no confidence with Mahathir. His campaign slogan was Selamatkan Malaysia, but they see the real slogan should be Selamatkan Malaysia dari Mahathir.
It reminded of the last few days before GE14 polling date.
Investors began dumping Malaysia on all front - stocks, bond, commodity, currency, etc. Then they went short causing the market to drop. Sources alert that the manner it was happening is strange. He happen to know the end seller and there was none.
After few months of PH victory, the level seemed to have bottomed, and friends in the market were consoling themselves with claims it has reached the bottom, and as usual, the excuses it is a short term thing.
It will bounce back because the economic factors remain ceterus peribus. Nothing to worry. Quite typical.
They continued about having new government and ... blah blah blah ... yakkety yakkety yak...Dr Mahathir will ...Dr Mahathir this ... And Dr Mahathir that ...Give DAP a try. Its all UMNO conspiracy ...
They closed their faculties and refused to objectively hear anything else. Ah ... you are just sore from losing. Move on. Not even notes of warning for them to keep their eye open for.
While the were consoling themselves than studying the market objectively, market operators of mostly foreign hymie-backed brokers and investment houses, were taking position to still dumping and shorting for the bottom to drop further.
The problem it created still prevail with non-stop impairment in the books of local institutional investors.
MOF disastrous hands
At the same time, insidious hands at work inside Ministry of Finance destroy these institutions and exercebating the problen.
It is breaking down the economic structure and the impact on the economy is disastrous in the face of global challenges.
Its a new year 2020, the year Mahathir expect Malaysia to be a fully developed country.
He had pre-empted to blame an impending failure to meet his Vision 2020 to Tun Abdullah Ahmad Badawi and Dato Najib few months. The fact remained that the seeds of failures were planted during his administration. His predecessors were fire fighting against his legacy of failures.
Mahathir's reckless foreign policy that culminated in an attempt to be non-Saudi led coalition of Islamic countries could put Malaysia in a precarious position, to say it in the least panicky way.
Iran's general was recently shot by a US drone and it looks war is looming in the middle east in which prophet of doom is predicting an armageddon before the end of the world.
Kissinger has alleged warned of World War III and Muslims reduced to ashes. Malaysia is stuck between choosing to be allies with deviant syiah of Iran or more the subtle, but literalist leaning to deviant, Wahabi.
Well done Mahathir!
Updated: 7/1/2020 9.00 AM