'If Najib Abdul Razak doesn't understand basic economics and has even got the forecasts wrong, he should do the most honourable thing: resign as finance minister and hand the job to someone who is up to the task.'Does Najib really understand economics?
Doc: Does Prime Minister Najib Abdul Razak really understand economics? I'm not a economist but I, too, have asked myself this question before.
Tan Teng Wah: This shows how economic numbers are bandied about haphazardly only to be habitually flip-floped soon after. Plucking figures from the air is an act of irresponsibility desperately aimed at deceiving the rakyat.
To Najib, economics may just be a piece of cake. Simply begin with a required number and work backwards. You achieve what you intend to - on paper.
After all, not unlike the weatherman, you are not going to be penalised if the forecast turns out to be wrong. Moreover, who can say with certainty where Najib will be a decade from mow?
Kelvin Lawrence: And so the administrative and economic buffoonery continues. Let him say what he wants before the lights go out on BN and then DAP's Tony Pua should take over the reigns and inject a much needed intelligence in the economic stewardship.
Lau Teck Chai: If Najib doesn't understand basic economics and has even got the forecasts wrong, he should do the most honourable thing: resign as finance minister and hand the job to someone who is up to the task.
In the British cabinet system, prime ministers don't hold the treasurer's post simultaneously. They won't be allowed to. It is the treasurer who is best qualified to check and balance the prime minister's powers.
Margaret Thatcher of Britain was wounded by her successive chancellors of the exchequer; Paul Keating of Australia defeated Bob Hawke as treasurer and took over the premiership; Paul Martin as finance minister clashed with Jean Chretien of Canada time and again until he became the PM himself.
But in Malaysia, we have lost this very important tradition ever since Anwar Ibrahim was sacked as deputy PM and finance minister. Since then, all PMs must hold the finance minister's post simultaneously to prevent challengers from rising. This is '1Malaysia' for you.
Ghkok: Another blunder. Another backtrack. He announced the real property gains tax to be reinstated. That means 30% gradually reducing to 0% after five years. Then his ministry had to issue a correction - it's 5% perpetually.
Then he announced the revised National Automotive Policy - cars older than 15 years need to be inspected. After that, a U-turn. No more inspection. What kind of government is this?
SusahKes: Najib, there are approx 50,000 unemployable locals graduates as of today, right? You want per capita income to rise to US$17,000 by 2020 but, you don't even have a clue as to how to get these local grads into an employable condition other than using public funds to 're-train' these poor chaps.
And I don't think you can send them back to university again because some of them are so weak that they can't even draft a letter in simple English to save their lives. Hardly anyone would want to employ them (other than government departments).
So my take on what we are going to see by 2020 are a lot of unhappy members of the rakyat, whilst those who can afford to migrate, would do so. If all that a PM can do is to pluck some figures from the sky, that one, my grandpa also can do la.
Liew Chee-Kong: The people need to understand that economic growth happens when there's a credible economic plan put into action. This plan must outline the key focus for economic growth be it commodities, manufacturing, IT, tourism, agriculture, etc, and the key drivers to take us there.
It is a well thought-out strategic plan that is hatched after much research and brainstorming. Economic growth it is a natural process - something that is bound to happen whether you like it or not.
But I don't see much of a direction in Malaysia's economic development and integration with the global economy. We have much to learn from our southern neighbor.
They are focusing on three areas, ie, tourism (hence the two mega-resorts), overseas headquarters centre (OHQ - already in place as global companies are moving their HQs to Singapore which is backed by an excellent workforce and infrastructure) and as a regional financial centre (also in the works).
The plan looks simple but a lot of thinking has gone into it. This what we must do.
Kgan: Even a 6% growth per year for the next 10 years is unrealistic. Is there no allowance made for slowdowns and recessions? Whatever figure bandied about, the bald truth is that our real incomes are declining in the face of a rising cost of living and stagnated incomes.
It has been that way for the past 20 years. What steps will Najib take to achieve a high income developed nation? More public relations exercise to conceal the lack of real substance?
