SO STRANGE – BOTH NAJIB & MAHATHIR SUDDENLY ACQUIRE WISDOM NOW THEY’RE OUT OF POWER – ‘PUMP-PRIMING KING’ NAJIB WARNS OF VERY TOUGH TIMES AHEAD AS CAPITAL FORMATION TURNS NEGATIVE IN WAKE OF HIS TERRIBLE EXCESSES – WHILE MAHATHIR, WHO FOUNDED AN ECONOMIC MODEL BUILT ON RACISM, NOW WARNS THE GLCs HE INITIATED TO ‘PROTECT’ MALAY INTERESTS ARE ACTUALLY FORCING MALAYS OUT OF BUSINESS!

Najib warns of hard times ahead

MALAYSIANS must prepare for hard times as there is every sign economic recovery will be a long, slow process, said Najib Razak.

He said unless the government addressed some important issues, the economy will slow down for years and there will not be enough new jobs created for the people.

The first challenge Putrajaya must face is the negative Gross Fixed Capital Formation (PMTK), he said, which plummeted after GE14 and has been in the negative since the first quarter of 2019.

“This PMTK covers all types of investment and capital formation in the country including local investments. It plays the most significant role in generating national growth and new jobs in the future,” Najib wrote on Facebook today.

The second matter the government needs to pay attention to is inflation, he said.

“There was negative inflation was negative last year as rebates were given for electricity and petrol prices fell to around RM1.30 and domestic demand weakened.

“But this electricity discount has been withdrawn and the price of petrol has gradually risen to RM1.96 These major changes in these two basic costs will certainly have an impact on the inflation rate”

Finally, there must be new jobs to replace lost jobs, said Najib.

“According to a Bank Negara report, only 43 out of every 100 people who lost their jobs last year managed to find a new job.

“It’s even worse in the tourism sector, where only 28 out of 100 people were able to find work again.”

Najib urged the government to reconsider his proposal to provide loans for workers in the sectors that are slowest to recover, such a tourism, to upskill or reskill.  THE MALAYSIAN INSIGHT

GLCs forcing Malays out of business, says Dr M

PUTRAJAYA: Dr Mahathir Mohamad has alleged that government-linked companies have put the Malays out of business instead of helping them.

In an interview with FMT, the former prime minister said the GLCs, which blossomed during his first stint at the helm of the country, were initially established to help poor Malays who were incapable of taking up shares in business.

He said Malays would borrow money, buy shares and sell them off to settle their debts, and he saw this as being against any plan to reduce the income disparity between them and the other races.

It was to prevent them from selling off their shares in the market that the government set up GLCs to buy the shares, he said.

However, he added, these GLCs veered from their original purpose when they began to set up companies that competed against each other and with others.

Mahathir, who three years ago lamented that GLCs had become “monsters”, said these outfits had gone into business in a big way by taking advantage of their Malay privileges.

“They are supposed to help the Malays, but they use the privileges to keep the Malays out of business.”

He said GLCs could be put back on track if politicians, especially those without any background in business, were removed from them.

He said this was what the Pakatan Harapan administration did during its 22 months in power. “But now all the professionals we appointed have been sacked and the politicians have come back and it has become bad again.”

Mahathir also said meritocracy might not help reduce the disparity among the races, adding that it could in fact widen the gap.

He said Malays did not have the skills necessary for them to compete with the Chinese, who “have been in business for thousands of years” and could compete with the Europeans.

The Malays must be given a handicap, he said. “It’s like playing golf. You have to give a handicap. Otherwise, the weak player will never win.”

If everything was based solely on merit, he added, those with skills would keep going ahead and those without would continue to be left behind.

“The disparities will be very bad, very wide. When that happens, there will be conflict.”