Prime Minister Najib Abdul Razak must take full blame for Malaysia's failure to stay resilient amid the global economic downturn, Petaling Jaya Utara MP Tony Pua said today.

This, Pua said, was because there should have been more funds saved from the years that Malaysia enjoyed profits from high oil prices and low global interest rates.

"What happened to all the excess earnings during his (Najib’s) reign, when oil prices hovered above US$100 per barrel?

"The windfall profits we enjoyed during the boom years should have been sufficiently saved or invested to ensure that we would have the necessary cushion to sustain any oil price decline or global economic slowdown," he said in a statement.

Pua said Najib's admission that the country is expected to face a challenging economic situation also showed that his Government Transformation Programme (GTP) and Economic Transformation Programme (ETP) were initiatives that did not achieve their goals.

"Ironically, his (Najib's) admission that we are at the complete mercy of international oil prices and US interest rates proves that our moderate economic performance during his leadership was achieved as a result of super-peak oil prices and ultra-low global interest rates, and not because of his economic management."

'Influenced by outside factors'

Najib, in his address at the Prime Minister Department's monthly assembly on Monday, said the current challenging economic scenario was influenced by "outside factors" that are beyond the government's control.

Among others, Najib attributed the shortage in federal revenue to plunging global oil prices and the US Federal Reserve's move to normalise interest rates, making the US dollar stronger against the ringgit.

"No one denies the fact that the above factors are indeed beyond Malaysia’s control.

"However, our struggling economic conditions today are substantively exacerbated by the failure, weaknesses, mistakes and abuses of the Najib administration," Pua said.

Despite mounting criticisms against Putrajaya's handling of the economy, Najib also announced recently that Budget 2016 would be "recalibrated" to reflect the current economic climate.