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Monday, October 13, 2008

Malaysia not slipping into recession: PM

Malaysia is not going into recession at the moment because of its strong economic fundamentals, reserves and trade surplus, Datuk Seri Abdullah Ahmad Badawi said.

The country also had high domestic savings and a stable currency which was not subjected to fluctuation, the Prime Minister said when commenting on Malaysia’s current standing following Singapore’s announcement of anti-recession measures.

“I believe, insya-Allah (God willing), we can weather the storm. We still have strong economic fundamentals. We have very strong reserves. Our trade surplus is still strong. We do have high domestic savings.

“We are not in any kind of turmoil. We have a healthy democracy,” Abdullah told reporters after delivering his keynote address at the US-Islamic World Regional Forum here on Monday.
He said the country would have to generate greater domestic consumption and he wanted to see more investments in the country.

However, he said that the Government had no intention of pegging the ringgit like it did to weather the 1997 Asian currency crisis, and would remain “pro-business.”

“We have a lot of assets that we can use to withstand the impact of the situation we are facing today, but I’m not saying that it’s going to be easy.

“It’s going to be tough. If we stand together, if the rakyat (citizenry) supports the Government, we can continue to work well with the private sector as a unit. We should be able to weather the storm,” he said.

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