Sunday, October 19, 2008


M’sia won’t face economic depression: Najib


Datuk Seri Najib Tun Razak said yesterday he was confident that Malaysia will not face an economic depression following the economic crisis faced by the United States and European countries currently. The Deputy Prime Minister said that as the Finance Minister, he would announce several measures to cushion off the effects of the world financial crisis today. “There is certainly an impact (on the country due to the world financial crisis), but we can still hold on, and Malaysia is not expected to be dragged into the economic slowdown. From the early stage, our study showed that we will achieve five per cent (economic growth) this year. Next year, although we have to face a slight reduction in the economic growth, we are not expected to be dragged down by the economic slowdown, InsyaAllah,” he said when met by reporters at his Han Raya open house at Dataran Pekan, here yesterday. Gracing the occasion was Tengku Mahkota of Pahang, Tengku Abdullah Sultan Ahmad Shah. Also present were Najib’s wife Datin Seri Rosmah Mansor, Youth and Sports Minister Datuk Ismail Sabri Yaakob, Rompin MP Datuk Seri Dr Jamaluddin Jarjis, local leaders and about 30,000 people, with several artistes providing the entertainment. “My announcement tomorrow (Monday) will touch on several measures that are being taken, for example, by Bank Negara and several proposals to be made by the Government to reduce the impact of the world financial crisis. However, I will announce several other aspects during the winding up session (in Parliament). “As the market situation is very volatile, we need a little more time, for example, to determine the 2009 economic growth projection. The Bank Negara, Treasury and EPU (Economic Planning Unit) need more time to study in greater detail because the world market is very volatile and it’s difficult to make a projection. “Tomorrow I will not announce a complete package but several additional measures that the Government can implement, including the latest status in efforts by the Bank Negara to assist the domestic financial market,” he said. Najib said the Government would announce specific measures from time to time or in stages depending on the world market situation. He stressed that the measures that would be taken by the Government might be different from those taken in the past when facing the financial crisis. - Bernama