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M’sia one yr on: What Tun’s fans here don’t tell us

In Malaysia on 14/05/2019 at 11:09 am

When Tun and his new gang took power around this time last year, anti-PAP types were so happy. They asked him to bring democracy to S’pore:

— Kirsten Han trying to defecate herself and PJ out of self-made crater

— Jolovan Wham: Nothing wrong in asking Tun M to intervene in S’porean affairs

Well a year later, they kinda quiet and it’s not only because he threatened S’pore over water and territorial waters

— Let’s gloat at Tun as he threatens us

— Tan Kin Lian thinks Tun is more sinned against than sinning

The M’sian economy is in a bad place with foreign investors giving M’sia a miss.  Deep divisions within the ruling coalition have prevented measures to increase government revenue, attract investment or create jobs. Poor Chinese died in a rush for food coupons: M’sian voters repenting?

Here’s what Reuters reports

Investor Concerns

Business sentiment has cooled after initial optimism that followed Pakatan’s electoral win, due mainly to a lack of consensus on the way forward for the economy, according to an April survey of 250 businesses by Ipsos Business Consulting.

“The continued lack of clarity on economic policies may lead to an increased level of anxiety among the businesses and further intensify the fear of an economic slowdown,” the firm said its report.

Investors in the survey also expressed concerns over currency fluctuations and slowing economic growth. The ringgit currency has slumped this year and stocks are underperforming regional rivals.

Malaysia has had to fill a revenue shortfall stemming from a populist measure to scrap a goods and services tax last year, while efforts to turn around struggling state entities that burden the treasury, including long-suffering Malaysia Airlines, have faltered.

In March, Malaysia’s central bank cut its 2019 economic growth forecast to 4.3-4.8% from 4.9%, on expectations of a significant drop in export expansion due to slowing global growth and the U.S.-China trade war.

On Tuesday, Bank Negara Malaysia became the first central bank in the region to cut its benchmark interest rate, in a move to support the country’s economy.

Mahathir has mended ties with China, reaching a cut-price $11 billion rail link deal, which is a welcome investment boost.

But with Malaysia’s debt-to-GDP ratio around 50%, public support waning and an unstable ruling coalition, it will become increasingly difficult for Mahathir to boost economic growth and win back disillusioned voters.

“With exports likely to remain in the doldrums, GDP growth in Malaysia looks set to slow to a post-financial crisis low this year. The government’s recent policies will make the downturn even worse,” Capital Economics said in a research note on Wednesday.

(Reuters)

Already the Malays are repenting for deserting UMNO

Support for the government fell to just 39% in March, sharply down from the 66% rating in August 2018, according to a survey by independent pollster Merdeka Center.

Mahathir also saw his popularity plunge to 46% from 71% over the same period, although he says he doesn’t put much faith in these numbers.

Worryingly for Mahathir, Merdeka Center said Malay Muslims, who make up around 60% of Malaysia’s 32 million people, were largely more critical of his administration.

Most of the poorest people in the country are Malay and for decades they have been the beneficiaries of subsidies and other affirmative action policies pushed by UMNO.

Many in the majority community were also angered when Mahathir appointed an ethnic Chinese finance minister and an attorney-general from the Malaysian-Indian minority, and said cash handouts to Malays could be reduced.

Pledges to end the death penalty and rescind oppressive laws such as the colonial-era Sedition Act were also unpopular with traditionalists.

Vote wisely.

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