Is Malaysia not technically in recession?

The second finance minister Tan Sri Nor Mohamed Yakcop had recently stated in the parliament that our nation is not in the throes of a technical recession but only facing a certain challenging times.

So, the BN federal government is asking our people not to worry and be happy. Despite the upcoming effects on the country’s economy following the widespread global economic crisis, the BN is still in denial mode and nothing concrete has been carried so far to address the growing inflation and high unemployment rate in our nation.

The previous statement made by the deputy human resources minister Noraini Ahmad saying that there will be about 100,000 employees out of job this year via retrenchments, layoffs and voluntary separation scheme following the recent global economic crisis which had in fact spread over to our nation. The closure and suspension of businesses by some multi-national companies were the brief impacts of the crisis. Some MNCs which huge workforce are beginning to reduce its employees drastically and have their manufacturing plants shut down, forcing employees to take up pay cuts or surrendering their various benefits in exchange of continuing employment and so on.

And now the BN federal government formally announced that they will not establish the retrenchment fund as proposed earlier but instead choose to enrich some political link businesses by awarding them with various training contracts to upgrade retrenched workers.

Instead of using the taxpayers monies to enrich these businesses, why not use the fund to help those retrenched workers directly? Why choose a third party to handle the situation instead? Wouldn’t that be more costly in terms of fund management and its effectiveness?

These retrenched workers needed whatever help and assistance possible in order to have their feet up again to support their family, children, home and their basic needs so that they could continue shoulder on.

The BN federal government is in total ignorance. They are abandoning our people in order to further their own political interest.