Kadir: With Najib, we are heading to a failed state
Malaysia may not be a failed state, but it is certainly heading there with Prime Minister Najib Abdul Razak as the country’s number one leader, veteran newsman A Kadir Jasin says.
“It is hard, in this situation, to believe the prime minister when he recently said that Malaysia is not a failed state ,” the former New Straits Times group editor-in-chief wrote in his blog.
“Maybe not yet, but it could happen if the escalating political and economic crises are not quickly and amicably addressed.
“But can Najib do this when he is the cause of the problem?” queried Kadir.
He admitted that it is undeniable that Malaysia was among the most successful post-colonial nations in the world.
“But what the people are saying lately is, at the rate we are going we could end up being a failed state.
“The signs are already there for everybody to see, provided they understand the economy,” Kadir ( photo ) said.
He pointed out how economic growth in the country had tapered off, with the Gross Domestic Product (GDP) growing by an average of 5.7 percent between 2009 and last year - only a shade better than the post-Asian financial crisis average of 5.5 percent.
“Yes, a maturing economy grows at a slower rate but it is evident that Najib’s transformational, expansionary economic policy has yet to show results, apart from ballooning government debt and budget deficit," he said.
Regain confidence of investors
Kadir also pointed out how, among others, the ringgit had breached the RM4 psychological barrier and how the Bank Negara external reserves had fallen to below US$100 billion, the lowest in almost five years.
“So unless we do something to regain the confidence of investors and consumers, and to overcome the trust deficit that Najib is suffering, we could end up, as (minister in the prime minister’s department) Idris Jala said in 2010, like Greece.
“Greece is the latest example of a failed state. If that happens to us, it would be worse. At least Greece has a big brother to bail her out - Germany. Who is going to bail us - China, Singapore?” asked Kadir.
He added that Najib’s record as prime minister and finance minister has been dismal as the country’s economy and government finances had worsened since he took over the two top jobs in 2009.
“Yes, we are not a failed state. But is there a guarantee that we will not be going down that path given the present political and economic quagmire?
“The above question is not addressed to Najib or the ‘budak cerdik’ (smart boy) Ahmad Maslan but to all concerned Malaysians,” Kadir said.
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