Nov 30, 2008

Malaysia Struggling With Financial Crisis

At least 18,000 Malaysian factory workers have been retrenched this year. Malaysian those working in factories around nation making up more than 20% while foreigners from Indonesia, Bangladesh, India, Vietnam, Philippines and few others are the rest which is almost 80% of total workers.

The retrenchment of workers is due to the shutdown of factories, restructuring of production line, trimming workforce, reducing operational cost and so on. It's no doubt that Malaysia facing tremendous economic crisis due to this retrenchment. Some of our ministers and economic experts including governor of Bank Negara Zetty Aziz are claiming that Malaysia is not facing economic crisis, and we are save from the next years crisis that predicted by world analyst to be a disaster.

Zeti Akhtar Aziz: “We have no large-scale retrenchments. We are creating jobs. We are in an economy where there is no asset burst."- malaysiakini Nov 28. NST Nov 30 - KUALA LUMPUR: At least 18,000 Malaysian factory workers have been retrenched this year. Just compare both, his statement and the news released in the New straits times. Can you see that some Malaysian can't accept the reality that we are financial crisis. They are try to cover up the issue so that there will be no pressure on them to face the issue.

As a true Malaysian, I hope government take effective measures to fight the financial crisis that we are facing today. It will be more worst situation in the coming year if we keep on relax and satisfied on what we have now. Even the American leaders are worried about world, but Malaysian leaders able say that 'everything is fine in Malaysia'.


Sze Jia said...

It's really a joke when every countries in the globe are declaring economic downturn and our country is saying everything in the country is fine.

At least if it's really fine for the moment, how about the growth in near future. Haihz.. Don't worry. Everything is fine. Don't worry creates my worries. :)

mudin001 said...

Bro, as long as they are in denial, there is not much we can expect from them. Hope is not enough, but what else we can do?

vasantarao appalasamy said...

They should have a brand new budget since the economic climate has change...

Satish said...

They do have a "great" plan...taking RM 5 billion from EPF to give to ValueCap!!