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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: Malaysian economy 'buckling' in global slump: Anwar AFP - 1 hour 24 minutes ago KUALA LUMPUR, March 9, 2009 (AFP) - Malaysia's economy is "buckling under the pressure of a global recession" and could contract by two percent this year, opposition leader Anwar Ibrahim has warned. ADVERTISEMENT Anwar, who was finance minister before being ejected from the ruling Barisan Nasional-controlled government in 1998, said at least 400,000 people risk losing their jobs in 2009. "The days and months ahead will not be easy," he said in comments published on his blog late Sunday. "Our economy is buckling under the pressure of a global recession. Every month that passes more factories are closed and more jobs are lost. Some groups have predicted nearly 400,000 more are at risk in 2009," he said. Anwar made the remarks ahead of an expected announcement by finance minister Najib Razak of a new plan aimed at preventing the third largest economy in Southeast Asia from slipping into recession. A government official told AFP that Najib will Tuesday unveil a plan worth up to 9.4 billion dollars. Official data released last month showed economic growth slowed to just 0.1 percent in the fourth quarter of 2008, hit by falling exports and slowing manufacturing as demand evaporated. Malaysia unveiled its first 2.0 billion dollar stimulus package last year. "The economy stopped growing at the end of 2008 and is now expected to contract at least 2 percent (in 2009)," Anwar said on his blog. He also lashed out at the government for implementing the stimulus package late when "our primary export markets in Singapore, the US and the European Union warned of recession months ago." "The question arises then why did we not act sooner?," he said. "The government is encumbered by divisive politics and the underhanded tactics of the ruling party; a party that has placed its own self-preservation ahead of the interests of the people," he said. Wan Suhaimi Saidi, an economist with Kenanga Investment Bank, warned that a contraction was a distinct possibility. "We may go though a technical recession in the first half of 2009," he told AFP over the weekend. "We are facing a slowdown. Unemployment is rising. Consumer demand and commodity prices are also falling. "It could take as long as 18 months to see signs of recovery in the global economy," he added. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Malaysian Politics Malaysian economy 'buckling' in global slump: AnwarAFP - 1 hour 21 minutes ago Anwar pushes for change in key Malaysia by-electionsAFP - Monday, March 9 Political tsunami still making waves in MalaysiaAP - Saturday, March 7 Anwar sodomy trial goes to Malaysia high courtAP - Thursday, March 5 Related Articles: Asia Pacific China strengthens Tibet frontier to deter unrestReuters - 53 minutes ago Kangaroo hops into bed with startled Aussie familyAFP - 56 minutes ago Deadly violence taints China's village electionsAFP - 1 hour 8 minutes ago China says Navy expansion "no threat to others"Reuters - 1 hour 12 minutes ago Malaysian economy 'buckling' in global slump: AnwarAFP - 1 hour 21 minutes ago Related Full Coverage Malaysia Elections Malaysia Elections All Full Coverage Most Popular – Asia Pacific Viewed Russian media teases Clinton over 'reset' button Business groups slam German nationalisation bill Bleak jobs report dampens hopes for US recovery 651,000 jobs lost as US hits 25-year jobless high Zimbabwe PM hurt, wife killed in car crash: party View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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