CariDotMy

 Forgot password?
 Register

ADVERTISEMENT

View: 13199|Reply: 100

[Tempatan] Tun M punca kejatuhan ekonomi Malaysia - Bloomberg

[Copy link]
Post time 11-8-2015 12:05 PM | Show all posts |Read mode
1990s Come Back to Haunt Malaysia
AUG 10, 2015 6:00 PM EDTBy William Pesek


Malaysia's ongoing currency crash has many causes: a worsening global outlook, plunging commodity prices and, of course, the political scandal enveloping Prime Minister Najib Razak. But the real culprit is the year 1997.
The conventional wisdom is that Malaysia's then-leader Mahathir Mohamad saved the country from the worst ravages of the Asian financial crisis when he imposed capital controls, pegged the ringgit and waged verbal war against speculators. It's true that Malaysia avoided much of the chaos that toppled economies in Indonesia, South Korea and Thailand. But events today show why, 18 years later, Malaysia may wind up the biggest loser in the region.
Malaysia's neighbors recovered by improving transparency, strengthening their financial systems, and limiting collusion between public and private sectors. Such urgency never swept Malaysia, where the ruling coalition has held power for almost six decades.
Improvements in Malaysian corporate governance have been slow and uneven. Hopes for an end to 46 years of affirmative action -- which benefits the Malay majority while sapping productivity and repelling foreign investors -- have been for naught. Efforts to weed out corruption and ween the economy off energy exports have been tepid.
Today's economic troubles are the product of that complacency. Had the Malaysian government worked harder to strengthen economic fundamentals and win the trust of global investors, Najib's scandal might not be sending the ringgit to its lowest level in 17 years. Had officials in Putrajaya, the country's administrative capital, done more to internationalize Malaysia's business culture, foreign investors wouldn't now be rushing for the door. The FTSE Bursa Malaysia KLCI Index has fallen more than 11 percent from its April 21 peak, while official foreign-exchange reserves dropped below $100 billion for the first time since 2010.
As has been well reported, Najib faces questions about $700 million that allegedly moved through government agencies and state-linked companies to accounts bearing his name. (Najib denies it, while Malaysia's anti-graft commission says it was a "donation.") But foreign investors' mistrust of the Malaysian government traces back to policies pursued over the past 18 years.
Perhaps the most notorious was Mahathir's September 1998 decision to sack Deputy Prime Minister and Finance Minister Anwar Ibrahim. After months of sparring with Anwar over post-crisis reforms, Mahathir fired him and named himself finance minister, an awkward centralization of power that persists today and enabled Najib to create and oversee scandal-plagued state investment company 1Malaysia Development Bhd. And when Najib recently fired Deputy Prime Minister Muhyiddin Yassin, who was demanding answers from the prime minister, it seemed like history repeating itself. Just as in 1997 and 1998, the government is more concerned with closing ranks than retooling the economy.
Indonesia, Korea and Thailand are also having their share of troubles as China wobbles and the Federal Reserve prepares to hike interest rates. But Malaysia's accelerating capital flight is particularly worrisome.
Malaysia's central bank appears to be struggling to slow the ringgit's 18 percent plunge over the past 12 months. The currency is now the lowest since Anwar's departure in September 1998. That makes for an inauspicious economic bookend: Mahathir is now among those suggesting Malaysia peg the ringgit anew.
There's certainly less stigma attached to such policies than there once was. In 1998, the International Monetary Fund called Malaysia's peg a "retrograde step." By December 2002, the IMF was terming it a "stability anchor." And the IMF notably didn't slap Greece for imposing capital controls, the way it did Mahathir in the late 1990s.
But the mere mention of another peg suggests Malaysia's political establishment is still more concerned with the symptoms of the country's problems than the underlying causes. The ringgit isn't sliding because speculators like George Soros (who Mahathir blamed in 1997) are attacking it. Malaysian assets are suffering because the government failed to do basic economic maintenance -- in part because it avoided the worst of 1997 and 1998, in ways Bangkok, Jakarta and Seoul couldn't.
As that dawns on investors, the pressure to sell will intensify. Overseas ownership of Malaysian government and corporate debt fell 2.4 percent in July as a sense of crisis began to permeate the air.
Malaysia isn't about to collapse. With its moderate growth and the highly-respected Zeti Akhtar Aziz helming the central bank, meltdown risks are limited. But Malaysian officials are wrong to argue that the ringgit's slide doesn’t reflect underlying fundamentals. It does indeed, and that's the real problem -- one that can be traced back to 1997.

http://www.bloombergview.com/articles/2015-08-10/1990s-come-back-to-haunt-malaysia

- Penulis Artikel ni mesti cyber trooper upahan Ds Najib


Reply

Use magic Report


ADVERTISEMENT


Post time 11-8-2015 12:14 PM | Show all posts
Bodohnya bloomberg. Ekonomi malaysia masih meningkat la
Reply

Use magic Report

Post time 11-8-2015 12:14 PM | Show all posts
Kalau yer pun zaman TUN yang punca kejatuhan ekonomi, jadinya apa planning untuk menaikkan semula?
Apa yang dah jadi dah tak boleh buat apa apa...dah jadi history.
Yang penting NOW. Patutnya dah tau sebab nya, senang lah nak buat planning dan dptkan solution.
Ini makin teruk  RM dan marheinn nak survivenyer.
yang peliknya, mereka mereka galak berpoya poya dan bermewah mewah tapi rakyat macam tu jugak.

Tak payah lah asyik nak ulang ulang history yang tak nampak apa solutionnyer lagi. Concentrate camana nak rebuild balik ekonomi. Bosan ulang dan ungkit ungkit jer ni hehehe BOSAN sgt sgt

Reply

Use magic Report

Post time 11-8-2015 12:15 PM From the mobile phone | Show all posts
ok ni semua salah madey
Reply

Use magic Report

Post time 11-8-2015 12:17 PM | Show all posts
ini bloomberg news la.. takkan najib nak bayar bloomberg pulak...

dorang dah lama sakit hati dgn mahathir.. now payback time la tu..
Reply

Use magic Report

Post time 11-8-2015 12:18 PM | Show all posts
aku suka najib tapi benci tun M
Reply

Use magic Report

Follow Us
Post time 11-8-2015 12:21 PM From the mobile phone | Show all posts
It is everyone fault except jibby dan rosmah
Reply

Use magic Report

Post time 11-8-2015 12:22 PM From the mobile phone | Show all posts
Bangkrap 2020


Reply

Use magic Report


ADVERTISEMENT


Post time 11-8-2015 12:23 PM | Show all posts
primemova replied at 11-8-2015 12:21 PM
It is everyone fault except jibby dan rosmah

Iyer ..itulah sebenar benar nak bagi tau..hehehe tapi kalau ikut cara idup bermewah mewah dan berpoya poya.............................idola tegar no1
Reply

Use magic Report

Post time 11-8-2015 12:24 PM | Show all posts
malawi6 replied at 11-8-2015 12:18 PM
aku suka najib tapi benci tun M

kak ros suka x ??
Reply

Use magic Report

Post time 11-8-2015 12:25 PM | Show all posts
tang mana cakap tun m punca kejatuhan ringgit?
Reply

Use magic Report

Post time 11-8-2015 12:32 PM From the mobile phone | Show all posts
Ye.. mahadir punya pasal..isu kwsp n isu perwaja terbukti tidak telus
Reply

Use magic Report

 Author| Post time 11-8-2015 12:39 PM | Show all posts
milo_888 replied at 11-8-2015 12:17 PM
ini bloomberg news la.. takkan najib nak bayar bloomberg pulak...

dorang dah lama sakit hati dgn  ...

kuasa 2.6B..Bloomberg pun boleh dibeli
Reply

Use magic Report

 Author| Post time 11-8-2015 12:40 PM | Show all posts
i nak tengok komen @mbhcsf sahaja..sebab katanya kepintaran tun m mengatasi krisis ekonomi well documented bla-bla..
Reply

Use magic Report

Post time 11-8-2015 12:43 PM | Show all posts

Wawasan 2020 bankrap nation hahahaha
tak lama lagi tu, 5 tahun aje.

Reply

Use magic Report

Post time 11-8-2015 12:49 PM | Show all posts
Tlalu replied at 11-8-2015 12:14 PM
Kalau yer pun zaman TUN yang punca kejatuhan ekonomi, jadinya apa planning untuk menaikkan semula?
...

Yes.. aku setuju sangat dengan statement ko.. seolah2 kita kena redha je dgn apa yg berlaku tanpa apa2 action plan...

Fokus sekarang ialah PM skrg.. bukan PM yg dulu2..
Reply

Use magic Report


ADVERTISEMENT


Post time 11-8-2015 12:54 PM From the mobile phone | Show all posts
Berita 'gumbira' untuk penjilat2 Bijan.....
Adalah points sket nak bekap Bijan kepit
Reply

Use magic Report

Post time 11-8-2015 12:55 PM | Show all posts
semua nk alihkan perhatian n tukar topik
Reply

Use magic Report

Post time 11-8-2015 01:00 PM | Show all posts
so apa perancangan tuk ekonomi masa sekarang....history tu dah jadi history...kita fokus pada masa sekarang...
Reply

Use magic Report

 Author| Post time 11-8-2015 01:01 PM | Show all posts
BlueEagle replied at 11-8-2015 01:00 PM
so apa perancangan tuk ekonomi masa sekarang....history tu dah jadi history...kita fokus pada masa s ...

kan..Ds Najib dah bayar bloomberg lah ni untuk tukar topik
Reply

Use magic Report

You have to log in before you can reply Login | Register

Points Rules

 

ADVERTISEMENT



 

ADVERTISEMENT


 


ADVERTISEMENT
Follow Us

ADVERTISEMENT


Mobile|Archiver|Mobile*default|About Us|CariDotMy

7-10-2024 04:57 PM GMT+8 , Processed in 0.086823 second(s), 37 queries , Gzip On, Redis On.

Powered by Discuz! X3.4

Copyright © 2001-2021, Tencent Cloud.

Quick Reply To Top Return to the list