THE WORLD BANK REPORTED OUR ECONOMY IS FALLING APART!! REALLY?!



By Dominic Chia

It is indeed Mind boggling when some of our Malaysians express their ever gloomy outlook on our economy. Every time, when I come across people who say that our economy is relatively sucks, the only question appears in my mind is “Come on… give me a break…can you show me a country with the best economy in the world?!” I bet even Nobel laureates in the field of economy would have a hard time to answer that million dollar question.

Every economy has its defects

What about the US with its chronic budget deficit, Japan with its severe deflation, China with its slowing GDP growth and Europe countries who yet to come out of the ripples created by Brexit? Generally, countries’ economies addressed according to their sizes. For example the US is seen as the world’s largest economy, followed by China and so on.

Ironically, German, the only country in the world with current account-surplus becomes the butt of the world’s prominent economists, who saying that its simply amassing wealth and sitting on it! In other words, the Germans are generally not living a lavish life despite their nation’s enviable current account-surplus!

Having said that, for an emerging economy like Malaysia, wouldn’t it be a disservice for someone to spook the Rakyat with unnecessary narratives on its economic performance, just because the ruling government is not his or her favorite.

Ups and Downs are normal

Ups and downs in the economy areabsolutely normal, for both developed and emerging nations. Therefore, what people should be equipped with is a balanced view of the current situation of theeconomy, not a narrative that showsendless dishearteningeconomic consequences.
Its incumbent on the educated individuals

On the other hand, it is the responsibility of the educated individuals to find out the fact instead of buying whatever offered in the day light. So, its incumbent on them to put a little effort to search for some reliable sources to unearth the facts about what’s really going on in the country’s economy. There are few reliable sources like dailies, on line news portals and financial weeklies- notably The Edge, providing a balanced current- economic review periodically, without failure.

Lopsided reviews on our economy

Lately, a lopsided review on Malaysian economy- widely spread in the social media, ostensibly based on the latest World Bank Report. Surprisingly, the reviewhighlightsonly the defects not the good news regarding our economy which is in fact one of the richest in Southeast Asia according to the Economist, a world renowned magazine, as it mentioned in the extensive report about the Rohingyas’ deadly exodus from Myanmar to Malaysia- published two years ago.

The overly negative narrative says that Malaysia and a few other Asean countries will be doomed in coming years. On top of that, the gloomy account on the economy is also saying that the Malaysian GDP growth which is hovering around 5% to 6% at the moment, will shrink further around 4% something, next year.

Malaysia’s Economy not that bad indeed

Contrary to this, a number of international economic watch dogs still looking at Malaysia as a promising nation for Foreign Direct Investment (FDI) and have given encouraging ratings lately.In fact, its GDP growth improved from 5.6% in the first quarter of 2017 to 5.8% in the second quarter of 2017, defying the speculation of the central bank and both foreign and local economists, thanks to the recent increase in the volume of foreign trade.

The biased economic-review never touched on Malaysia’s improved position- 23rd out of 137 economies- in the World Economic Forum’s recent 2017-2018 Global Competitiveness Index.The forum has alsoreported that Malaysia as the top emerging economy in East Asia and the Pacific. So, why on earth the writer of the gloomy review turned a blind eye on these exceptional achievements?! I’m also very sure that the writer is not too ignorant on how much our economy had improved since Asian Financial Crisis in 1997. As for now, its much more stronger and able to weather however harsh the external or internal factor is. This been mentioned umpteen times by our economists but unfortunately not by the writer who skillfully penned the economic review.

The writer missed the constructive criticisms

Obviously, the so called account on our economy losesits mojoformissing the constructive criticisms likethe lacking of the technological Know How andthe need for creativity and innovation in the manufacturing sectors to raise the value chain among others. These are the areas which will lead the nation the high-income status.Also missed were the suggestions for a major shake- up in our education policy, especially in the secondary and tertiary level, in which more marketable and productive graduates would be churned out.

Ideas and solutions are most welcomed

That said, its not fair to merely regard our economy as a fertile ground of last resort for hurl biased and harsh criticisms with a sole motive of bashing the government of the day and its leader.Be fair and give ideasand solutions, should you find any pressing issues that ruining our economy and eventually the wellbeing of the Rakyat.

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