Press statement By DAP Secretary-General And MP For Bagan Lim Guan Eng In Kuala Lumpur On 11.1.2012
Confirmation By Malaysian Institute of Economic Research (MIER) That Malaysia Will Go Bankrupt By 2019 With Debt To GDP Ratio Of 100% Demonstrates The Importance Of Change Of Government At The Next General Elections For PR To Save Malaysia From Bankruptcy
Confirmation By Malaysian Institute of Economic Research (MIER) That Malaysia Will Go Bankrupt By 2019 With Debt To GDP Ratio Of 100% Demonstrates The Importance Of Change Of Government At The Next General Elections For PR To Save Malaysia From Bankruptcy
Malaysia will become a fully gladdened republic prior to a finish of a decade during a stream rate of large borrowing as well as irresponsible spending by a BN Government.
The Federal supervision debt to GDP (Gross Domestic Product) comparative measure has increasing each year from 53.1% in 2010, 53.8% in 2011 as well as 54.8% in 2012. This is intensely alarming as well as scarcely in contact with a inhabitant debt roof of 55%.
According to Malaysian Institute of Economic Research (MIER) associate Mohd Ariff Abdul Kareem, if a Federal Government continues to borrow during a stream rate, a debt to GDP comparative measure will be 100% of GDP by 2019!
According to Malaysian Institute of Economic Research (MIER) associate Mohd Ariff Abdul Kareem, if a Federal Government continues to borrow during a stream rate, a debt to GDP comparative measure will be 100% of GDP by 2019!
In absolute terms, Federal Government debt rose by 71% in 4 years to RM456 billion during finish 2011 from RM266 billion during finish 2007. At a same rate of expansion, a inhabitant debt will be RM780 billion by 2016, as well as RM1.3 trillion by 2020.
Mohd Ariff additionally noted which what is some-more worrying is which a rate of borrowing is distant outpacing a mercantile growth, so most so which he was quoted as saying, "If nothing is done to retreat a stream trends in supervision expenditures as well as revenues, extrapolation suggests which Malaysia's inhabitant debt will explode to 100 per cent of GDP by 2019."
This is intensely dangerous, as well as even some-more disastrous when joined with statistics from Bank Negara's Annual Report 2010, which suggested which Malaysia's domicile debt during a finish of 2010 was RM 581 billion or 76% of GDP,! to illu strate giving us a dubious honour of carrying a second-highest level of domicile debt in Asia, after South Korea. In addition, a Malaysian domicile debt use comparative measure stood during 47.8 per cent in 2010, meaning which scarcely half of a average family's income goes to repaying debts.
Not usually have been Malaysians debt-laden, cost of goods have been additionally skyrocketing while income as well as salaries have stagnated. While infant milk powder has risen by scarcely 50% in recent times, other simple line have additionally left up by leaps as well as bounds, such as:
1. Sugar: RM1.45/kg (Jan 2010) to RM2.30 (May 2011) 58% in 18 months.
2. Eggs: B class RM9/30eggs (sept 2010) RM10/30eggs (now).
3. Electricity tariff: average enlarge of 7.12% in June 2011.
4. The tarik as well as kopi susu: enlarge RM0.10 to RM0.20 (9.1% to 18.2%.
5. Gardenia bread: 5%-14% travel (2011).
6. Service tax enlarge 1%: additional RM720 million in taxes to Federal Government.
7. Onions: cost up 17% (Dec 2010).
8. Milo: up 5% 1st half 2011; 4% 2nd half 2011.
9. Nescafe: cost went up further 6% in 2nd half 2011, when cost is already >RM20 per 300gm
10. Favorite food equipment like roti canai, burn koay teow as well as nasi kandar have become smaller even portions during a same price.
1. Sugar: RM1.45/kg (Jan 2010) to RM2.30 (May 2011) 58% in 18 months.
2. Eggs: B class RM9/30eggs (sept 2010) RM10/30eggs (now).
3. Electricity tariff: average enlarge of 7.12% in June 2011.
4. The tarik as well as kopi susu: enlarge RM0.10 to RM0.20 (9.1% to 18.2%.
5. Gardenia bread: 5%-14% travel (2011).
6. Service tax enlarge 1%: additional RM720 million in taxes to Federal Government.
7. Onions: cost up 17% (Dec 2010).
8. Milo: up 5% 1st half 2011; 4% 2nd half 2011.
9. Nescafe: cost went up further 6% in 2nd half 2011, when cost is already >RM20 per 300gm
10. Favorite food equipment like roti canai, burn koay teow as well as nasi kandar have become smaller even portions during a same price.
In contrast, Pakatan Rakyat-managed states have successfully managed their finance management as well as not overburdened a people with debts. In fact, Penang managed to reduce state debt from RM630 million during 8 Mar 2008 to usually RM30 million as during finish of Oct 2011. This represents a debt rebate of 95% or RM600 million, which is a top debt rebate of any state in Malaysia's history!
Clearly, Malaysians who wish to have a improved hold up for themselves as well as their destiny generations must make a preference between a supervision which is extravagant as well as which borrows irresponsibly without being able to make a pie grow bigger, or a supervision which! is adva ntageous as well as pure which will put a concerns of a rakyat first.
Confirmation By Malaysian Institute of Economic Research (MIER) That Malaysia Will Go Bankrupt By 2019 With Debt To GDP Ratio Of 100% Demonstrates The Importance Of Change Of Government At The Next General Elections For PR To Save Malaysia From Bankruptcy.
LIM GUAN ENG
- Mi1
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Courtesy of Bonology.com Politically Incorrect Buzz & Buzz
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