Malaysia needs to be ready to face another world financial crisis which is expected in the face of escalating prices and reduced purchasing power.

Former prime minister Dr Mahathir Mohamad said the country should formulate strategies based on past experiences and find the causes of the crisis.

"With current and past financial crises, we should dissect them and in turn get ideas on how to prepare ourselves to overcome them," he told a media briefing after the Perdana Leadership Foundation International Roundtable on 'Surviving the Next Global Financial Crisis' in Kuala Lumpur today.

He said the first stage would involve understanding the mechanics and once it was achieved, the crisis could be be dealt with.

"I am a former doctor and the way we should approach it, should be like a doctor," he said.

Roundtable findings to be sent to government

Earlier, the roubdtable discussed ways to overcome a financial crisis and the findings are to be forwarded to the government.

The roundtable is organised by the Perdana Leadership Foundation and sponsored ny YTL Corp Bhd, Malaysia Airlines, Buna Puri, Westports, AmBank, UEM and Bank Rakyat.

The participants included Minister in Prime Minister's Department Senator Abdul Wahid Omar; Khazanah Nasional Bhd managing director Azman Mokhtar; Khazanah Bhd deputy chairperson Nor Mohamed Yakcop; AmBank chairperson Azman Hashim; YTL managing director Francis Yeoh Sock Ping; Bank Rakyat chairperson Sabbaruddin Chik; Symphony Life group chief executive officer Azman Yahya; ISIS chairperson Jawhar Hassan; and Mohaiyani Shamsudin from Maybank Asset Management.

 

Mahathir also said he was saddened by the disappearance of Malaysia Airlines MH370 since March 8.

"It is strange that it can't be detected through satellite. with 20 nations assisting in the search and rescue operations," he said.

- Bernama