Economy Shutting Down 2019 Gdp Growth Was 4 3
Msia’s GDP 4.3% in 2019 Lowest since Global Crisis in 20094th quarter 2019 (4Q19) GDP growth 3.6%lowest in 41 quarters since 3Q09Bank Negara statistics released today
OSTB : Its already happening. We are in it now. The economy is just grinding down.
The scary part was that 3.6% growth in the 4th quarter 2019.
And that was before the Corona virus, before Dr Mahathir fighting with India and the US. Before India cancelled 4.0 million tonnes of palm oil. Before oil prices hit US$50 per barrel.
Now with the Corona virus, after India cancelling 4.0 million tonnes of palm oil, crude oil hitting US$50 per barrel and Dr M picking a fight with the US, what will the GDP growth be in the 1st quarter 2020 (1Q20)?
Today is already 12th February, 2020. If 1Q2020 goes below 3.6% then our GDP growth for 2020 could slip below 4%.
So Dr Mahathir you know what to do - why not pick a fight with China, Indonesia, Thailand, the EU, maybe Boris Johnson too. Dont forget the Japanese - but they never get upset at anything.
Here is more exciting news.
This is coming from Bangsar.
The rich peoples' neighborhood.
Which makes it double bad.
The rich peoples' economy in Bangsar is also shutting down.
Jasons Food Hall, upscale supermarket shutting down in BSC.The retailer's last day of business will be on March 22
notice reads: "been a delicious journey with Bangsar for last 20 years! Jasons Food Hall will close on March 22, 2020.
Dairy Farm in 2014, had 147 stores, currently it has 60 outlets.
Giant will be exiting Sabah S'wak within 2 months, it had 17 storesretailer completed exit from Sabah two weeks ago
OSTB : So after 20 years Jason's Food Hall is closing shop. Jason's at BSC caters not just to the rich in Bangsar but also the rich from nearby Bukit Damansara. Obviously these folks do not have as much money to shop anymore.
Bukit Damansara is largely crony economy based. Bangsar is a bit less. Some Masjid India business folks also live in Bangsar. They are all having a tough time too.
Recall I uploaded the FMT story that Shah Alam is becoming a ghost city?
Well last week I was in Putrajaya.
Putrajaya is also going quiet, maybe another ghost town.
The building occupied by the Immigration Department is for sale.
The ground floor is empty (except for that coffee kiosk). The whole place is quiet.
We went looking for breakfast at that Dataran Perdana.
But the makan place (overlooking the lake) was closed - at 9am.
A girl with a few parakeets said they opened at 9am.
It was 9 am but still not opened.Well even if it had opened at 9am, there were few people there.
The place looks dead.
It is not difficult to fix this economy at all. And it can be done in less than 12 months.
The PH has had almost TWO YEARS already. They still cannot turn around this economy.
The Minister of Economic Affairs is pre-occupied with other things on his mind.
I prefer he remain pre-occupied that way because the guy really does not have a clue about what to do with the economy.
Imagine he wakes up one morning and says 'Ok I will do something today".The Minister of Finance seems to know no better.
Folks, what happens when the GDP growth slows down?The Government's tax collections will go down.When the tax collection goes down the government has less and less money to pay BRIM, pay subsidies, pay Civil Servants their salaries and pensions etc. There will be almost no new development projects. Or fewer.
To do anything the government must have tax revenues.To collect tax revenue the private sector must pay taxes.To pay taxes they must make profits from their businesses.No business, no profits, no taxes, no government revenue.
The government does not understand this simple equation.
They tax the people without realising that taxes make the people poorer.You cannot make a society rich by taxing it heavily.
You must unlock the peoples' potential to do what they want with their lives.The government just shut up and go away.
Go sit in a dark corner.Let the people do what they want to do.
The country's economy is crashing because the government is the problem.The government and its stupid policies are an obstacle to growth.
We must get rid of the government.Posted by Syed Akbar Ali
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