Malaysiakini reported that yesterday was Black Friday for Asian bourses. Economy crisis in US lead to the domino consequence in Asian countries. With the sudden report, Malaysian government's 2009 financial budget highly aggressive with a record RM207.9 billion expenditure need to be revised as it is being criticized by economist. I hope that government not being too optimistic as world economic condition reallydisappointing. A financial crisis is threatening over the world, forcing everyone to be alert to face the upcoming shocking circumstances.
For 2009, the Government has projected a 3.6% budget deficit. However, in the light of the global economic crisis generated by the financial markets turmoil in the United States, it will no longer be possible for the deficit target to the maintained. I think the deficit would climb to much higher than expected. The optimism that there are no more Black days next week is commendable. Government can offer excuse that market has yet to bottom out and a revision is not yet forthcoming, but in the long term financial development, it’s extremely important to improve our budget spending to outfit the present situation.
As the Parliament going to start its debate session on the 2009 Financial Budget from Monday next week onwards, the new Minister of Finance, Datuk Seri Najib Abdul Razak should table a new, revised and improved financial budget in parliament. This is especially required in the significant events which had occurred since the former Finance Minister had presented it in Parliament on 29th August, including the collapse of the global financial markets as well as commodity prices.
Overally, with the current economic crisis, I firmly believe that the government, especially Finance minister, Datuk Seri Naib Tun Razak should revise or restructure brand new budget for all Malaysian to avoid huge economic disaster. Prevention is better than cure. What you think? Hope Malaysia survives!
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