Thought we can we trust Najib then. He confidently said on Nov 5, Malaysia will not slip into a “technical recession” next year as the RM7 billion stimulus package was sufficient to support the projected 3.5 percent growth next year.
But barely four months later he backtracked. Yesterday he told us government’s projected 3.5 per cent economic growth for 2009 would have to be reviewed?
But Abdullah has been bluntly honest though. The prime minister admitted that RM7 billion announced few months back, (thought to be more than enough by Najib) only 70 percent had been disbursed, Bernama reported!
He said if the money was not spent quickly the government’s efforts to stimulate growth to cushion the impact of the global economic recession would not be realised.
“We understand that the allocation has been given, so it is the duty and responsibility of all of us to work as quickly as possible so that the projects can be implemented,” he said at the Defence Ministry’s monthly assembly Kuala Lumpur Tuesday.
Let’s hope the second stimulus package – reported to be more than RM10 billion would help.