Be prepared to face global economic crisis, says Dr M

Saturday April 11, 2009
Be prepared to face global economic crisis, says Dr M


KUALA LUMPUR: Malaysians must be prepared to face the global economic crisis, even if the effects have not hit our shores, warned former Prime Minister Tun Dr Mahathir Mohamad.

“We cannot thump our chests and say that we are not affected by the crisis.

“We cannot look at them (the United States and the United Kingdom) and say: that is their problem. We are not involved.

“We need to remember that we are a trading country, and they are our partners.

“If these countries can no longer afford to buy the products we export, we will definitely feel it,” he said in his speech at the Kuala Lumpur Malay Chamber of Commerce Entrepreneurship Award Night here yesterday.

Also present at the dinner were the Raja Permaisuri Agong Tuanku Nur Zahirah and Dr Mahathir’s wife Tun Dr Siti Hasmah Mohd Ali.

Dr Mahathir, also a Grand Fellow of the chamber, said while the RM60bil stimulus package announced last month was a substantial amount of money, it was more important to find ways to overcome the economic slowdown.

“The methods used in the 1997/98 economic crisis can also be applied at this time.

“What is important is that we monitor the economy every day and find out how we can lessen the effects of this crisis through proper assessment and proper data,” he said.

He gave an example of how the real estate industry was besieged with problems then.

“Houses couldn’t sell...and so we had a special fair, and RM3bil worth of houses were sold in a day.

“Likewise for the retail sector - so we also held a special fair.

“All these are the results through close monitoring to know what exactly was happening, and how we can overcome it,” he said.