Finally, they seem to be taking the economic crisis a bit more seriously. Or maybe they just didn’t want to make us panic and to undermine business confidence any further by telling us that dark clouds lay ahead. But the cat is out of the bag now.
Here’s an analysis I did for Asia Times:
Malaysia wakes up to crisis
By Anil Netto
PENANG – A big new economic stimulus package unveiled by Malaysia’s Finance Minister and Deputy Prime Minister Najib Razak is being viewed as belated official recognition that the country is being hard hit by the global economic and financial turbulence, with worse to come.
The Malaysian economy grew by just 0.5% last quarter and many economic analysts have predicted a technical or real recession later this year. The government has revised its own forecast for 2009 down to between negative 1% and positive 1% growth in gross domestic product (GDP).
