Kuala Lumpur, 23 January 2016 – A Bernama report dated 21 January 2016 entitled “Malaysia Will Not Be Significantly Affected By Global Downturn” quoted me as saying that Malaysia is not heading towards an economic downturn. It creates the impression that I feel everything is alright in the country. This is incorrect.
I believe Malaysia is not yet in an economic crisis as but if we do not address the problems besetting the country then we will certainly be heading towards a crisis situation.
In fact, on the very same day that the report was published, I appeared live on Bloomberg TV (http://www.bloombergtv.my/video/putrajaya-lacks-political-will-to-pare-role-in-economy-ideas/) and commented on the same topic. The exact quote from the Bloomberg interview is as follows: “I think the situation now is we are not yet in an economic downturn. We are not in a crisis situation yet. However if steps are not taken to rectify or address the challenges we face now, we will certainly be heading towards that direction. So we are not yet in trouble but if we don’t do something we might become embroiled in an even bigger trouble.” That has always been my position on this issue.
Wan Saiful Wan Jan,
Chief Executive Officer, IDEAS
IDEAS is Malaysia’s first think-tank dedicated to promoting market-based solutions to public policy challenges. We are an independent not-for-profit organisation. As a cross-partisan think tank, we work across the political spectrum. Our purpose is to advance market-based principles, and we are not bound by party politics, race or religion. Our mission is to improve the level of understanding and acceptance of public policies based on the principles of rule of law, limited government, free markets and free individuals. For more information, please visit http://ideas.org.my/