Folks, we are in trouble.
Our Prime Minister is on his way out – even though more and more people now want him to stay on (for the time being!) given the choice of his successor.
The prime minister-to-be, his deputy, who is also Finance Minister, is now busy trying to topple the Perak state government. He is meeting the Perak Sultan tomorrow to try and persuade him to allow the BN to form the government.
So who is managing the economy now? Is it running on auto-pilot?
When I look at the economic figures, they look alarming. Total number of workers employed down, industrial production down, foreign reserves down, electrical and electronics exports fell 16 per cent (gulp!) …. and that’s just for November. Things have surely got worse by now. The scary part is we still have not reached the bottom of the pit (althougth The Edge, 2-8 Feb 2009, states boldly – and inexplicably – on its cover that “this year is expected to be better (for the KLCI)…”).
So with that in mind, I wrote this piece for Asia Times:
Malaysian economy left to drift
A battle for control of the key Malaysian state of Perak, and Deputy Premier Najib Razak’s attempts to bolster his credentials ahead of a power transition in the central government, risk diverting attention from the country’s sliding economy. – Full article here.