Ramon urged the government make adjustments to the New Economic Policy to face the challenges posed by the outside world and not take a protectionist stance while being more competitive internally and externally. – BernamapicVeteran economist Tan Sri Ramon Navaratnam disagrees with the view that Malaysia will not be affected by the global recession as expressed by the finance minister and Bursa Malaysia chairman.
He suggested that the government make adjustments to the New Economic Policy to face the challenges posed by the outside world and not take a protectionist stance while being more competitive internally and externally. Ramon was commenting on Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz’s recent statement on the US interest rate increase impacting the rest of the world, the ringgit trading at very low levels against the US dollar and claims by some that the government had failed to manage the economy.
He added that Malaysia’s situation today was different compared with the 1998, 2009 and even 2020 economic downtrends. “Business activities also continue to have access to financing from banking institutions and the capital market. The stock market continues to show a net inflow of RM6.7 billion from foreign investors and RM2.3 billion from retail investors.”
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