Monday, November 3, 2008

Tough days ahead..

We all have heard of the shrinking economic cake...some are saying that this time it might be worst than the 1997 financial crisis and that it may continue for the next 2 years. Some companies have started their cost cutting exercise (which where I am attached to now is no exception..) while others have prepared their retrenchment list....you have heard of the stock market swings and the oil price instability too...then there's Singapore announcing its intention to retrench Malaysian employees should they go into recession.....due to all these, it has also been predicted that many properties will go on auctions and hence perhaps a plunging drop in properties price...I guess there will be less economic activities as people will not be willing to spend due to lower purchasing power as well as afraid of the unexpected...although I won't be surprise there might be some opportunists and the risk takers that will take the opportunity to buy properties and unit trust at a much lower price?? Just hope that they will do their homework well before making that decision.

We in Malaysia have not felt the full impact of this yet but it is predicted that the recession may hit Malaysia next year... obviously it seems that the world is going through another cycle of world economic downturn...So that leads us to having to be prepared and spend only if its necessary...easier said then done but I guess if that's where the world economy is heading then we have no choice but to relook at our priorities and do the necessary so that we will not be in dire need of cash when it really hits us...

On a similar topic, I absolutely agree with this columnist on how he sees things with the current situation...have a read and what say you? ;p

Sunday November 2, 2008
The Star Online
Please grow up, will you?
ON THE BEATBy WONG CHUN WAI

With the United States slipping into recession, our politicians should spend time re-evaluating the situation and re-strategising how to ride out the storm instead of squabbling over a shrinking economic cake.

LET’S not lie to ourselves or let the politicians tell us otherwise. Malaysia, like all other economies that depend on international trade, will not be spared from the effects of the global economic turmoil.

Already, private sector employers are adopting cost-cutting measures before the full effects of the financial tsunami are felt next year.

That means no new recruits, reducing business travel, spending less on entertainment, lowering operating costs and even downsizing or retrenchment in some cases.

The reality is that most businesses expect less revenue next year. In order to stretch the dollar, clients are now taking a longer time to settle their bills.

The outlook for next year is not good at all. The general perception is that the effects of the global economic turmoil will run long haul. You don’t have to be an economist to foresee that the problems will not disappear overnight.

To keep their operations afloat, businessmen are keeping a tight control of their budget while seeking new revenue-making avenues.

Ahead of the bad times, Malaysians are looking to our politicians for leadership and assurances – which seem to be lacking.

We want to hear more about the measures that will be taken to soften the blow. It should not just come from Finance Minister Datuk Seri Najib Tun Razak. What have the others to say?
We are still squabbling about the 30% bumiputra equity under the New Economic Policy even when the cake is shrinking fast. No one seems to be talking about how Malay­sians, regardless of race, should work together to expand the cake.

What’s the point of quarrelling over how many slices when the cake may disappear soon?
For the vast majority of Malays – from wage-earners to traders – their needs will be greater in the months to come.

Surely, it makes sense for a policy to address the needs of those who are truly disadvantaged; and need rather than race should be the criterion.

There’s no legitimate reason to help those with political connections – regardless of whether they are Malay, Chinese or Indian – to become richer and more powerful while the majority stays the same.

It is equally baffling that there should be a controversy over the decision of the Penang state government to use more languages on a handful of signboards in tourist areas.
It’s not something new. Signages in English, Chinese, Japanese and Arabic are already prevalent at the KL International Airport.

Soon, we may even see Russian signages as the country’s new rich begin to travel extensively. Already the Russian market has been identified as the next “frontier”.

In Kuching and Miri, signs on main roads are in Bahasa Malaysia and Chinese and have been there for decades.

Certainly, the identity of the national language will not be threatened nor will the dominant position of the Malays.

We can choose to believe those politicians who spew racist and narrow nationalistic remarks to win votes in party elections or we can be pragmatic and open-minded in a world that has become more competitive and connected.

It is no secret that some of these hypocritical communal champions prefer to holiday in London and send their children, even at primary school level, to study in Britain or Australia. At the same time, they extol “the world-class standard” of our education system.

Fifty years after independence, many politicians, whether in government or the opposition, are still talking about the same issues that have either been resolved or are no longer relevant.
All of a sudden, we have to look up the history books to learn whether the social contract was cast in stone. Worse still, those who brought up the subject do not know much about it.

There seems to be a vacuum for fresh politics. Some of our more youthful leaders are parroting their elders, either out of reverence or for self-preservation. The result is we are getting more of the same.

The sad, if not frightening, part is that many of our politicians do not realise how detached they are from the New Politics of Malaysia, where the minds and hearts of the electorate have so radically changed after March 8.

With 2009 weeks away, Malaysians have to prepare to face a year of uncertainty.
By March, a new political leadership takes over. There’s hope and opportunity if the country is led along the right path.

The results of the general election show that Malaysians have grown up, yet many of our politicians have not.

It’s time they change or be changed.

The government will be announcing their measures on how to cope during this trouble time tomorrow so stay tune for that and see if they have grown up ;p

4 comments:

Kadus_Mama said...

i totally agree with you on this. Our dellusional politicians just refused to accept the fact that our country will slumped into recession soon. So i guess, we the rakyat have to play our role to jimat cermat starting from now

AngelineJ said...

Oh yes. Do these airhead politicians really think that their rakyat are blind and receptive fools? The economic giants of the world are crumbling, what more can we say for our country. We the rakyat have to start playing the smarter role in preparing for turbulent times ahead of us. Being prudent in our spendings is a start. Planning our income source (whether ensuring we continue to have an income or expanding it)is another step to take. Expect the worst, but hope for the best.

The Dusun Aroma said...

.....among all the country in the world, ONLY 1 - ONLY 1 country leaders confidently saying that "we will not be affected by the current economics turmoil, don't be afraid.."

that was what Najib - DPM of Malaysia was saying when asked to comment about the economic crisis.

Hebat pemimpin kita ni - miracle dia.

I am so concerned about this too - its gonna squeeze the rakyat really hard this time. I'm not sure if I am prepared for this.. bagus pulang kampung kali ni zzzzz

on the other hand - those who are getting stable income from the net (internet base business) will be able to sail through the storm comfortably - that's what most internet gurus says..

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