Why the fuss? Federal debt has already hit RM1 trillion

Chan Kok Leong

MALAYSIA’S debts have crossed the RM1 trillion mark if Putrajaya-backed loans are taken into account, said economists.

They were responding to Prime Minister Najib Razak’s statement recently that Malaysia’s debt would shoot up to RM1.1 trillion if Pakatan Harapan abolished the goods and services tax and existing tolls.

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  • That the statistical evidence from growth - seen from a healthy GDP growth rate, low unemployment rate, increased number of Malaysian who travel overseas and increase in the amount that Malaysians spend overseas,

    do not correlate with the psychological and material reactions displayed by Malaysian on the ground,

    can perhaps be reconciled by the information this economist puts forth.

    The reason why malaysians don’t look happier , or more hopeful and relaxed , or less anxious about the future ,

    and the reason why the festivities are so dull , and the skies were less brightened less by fireworks this CNY, or the reason why traffic has gotten so low that I am almost never late these days,

    Can perhaps be explained if we add in an increase in debt into the equation .

    Hey, I can buy a new car, renovate my house , go on a long vacation , hire more people for my company and open a new branch , if I take on more debt too , but I would probably also be more stressed and anxious , and be less happy and relaxed .

    Posted 5 years ago by Nehru Sathiamoorthy