2024 will be very bad year for Malaysia, says prominent blogger

Tuan Syed Akbar Ali 

In his brief comment, prominent blogger Tuan Syed Akbar Ali said that this year will be unfortunate for Malaysia.

"2024 is going to be bad, very bad," he said.

"That war in Ukraine must come to an end. 

"Also that war in Gaza and the shooting missiles in the Red Sea," he added.

Syed Akbar was referring to the article written by economist Dr Muhammad Abdul Khalid, PhD. The article was published by FMT yesterday.

Muhammad wrote that 2024 will be painful for the country.

Ringgit Scuba Dive: Current Account Surplus Decreased 30 TIMES Q3/Q4 2023. Exports fell 35.6% Q4.

Below is the content of the article summarised by Syed Akbar via his blog, OutSyed The Box, as published yesterday:

Q4 2023 current account surplus paltry RM300m (0.1% of GDP) 

Q3 2023 current account surplus RM9.1 billion (2% of GDP)

Exports fell 35.6% in Q4 2023

By Dr Muhammad Abdul Khalid, PhD.

Economy grew disappointing 3.7% last year, below govt estimates of 4-5%

Last quarter 2023, economy expanded 3%, lower than preceding quarter

Economic growth slowed from 3.9% in Oct to 1.4% in Dec 23

Diminishing current account balance 

Weakness in manufacturing sector

Slower tourism recovery post-Covid

Weakening ringgit 

Slow growth in real wages

Diminishing trade surplus

Current account balance getting smaller

Difference between exports and imports

Q4 2023 current account surplus paltry RM300m (0.1% of GDP) 

Q3 2023 current account surplus RM9.1 billion (2% of GDP) 

Closer to a potential deficit 

Impact will be severe

Ringgit will be affected 

Will require more US dollars to pay for imports

Ringgit weakest now since Asian Financial Crisis (1998?)

All-time low against Singapore dollar.

In 12 months, ringgit weakened 10% against USD, euro, pound

About 8% against Singapore dollar.

Weakness in manufacturing and services

Manufacturing losing momentum.

Grew just 0.7% in 2023 

Quarterly basis, shrank by 0.3% in Q4 

0.1% decline in Q3

Services sector notable dip  

4.2% growth in Q4

5% growth in Q3 

7.3% growth in Q1

Tourism

Chinese have yet to come back in droves 

Half as many visitors from China last year  

Singapore 40% of tourist arrivals last year.

Declining exports 

Net exports have declined  

Falling 35.6% in Q4 

Compared to 23% in Q3.

Major reversal from the 54% growth in Q1

What lies ahead

2024 will be challenging

Economy highly susceptible to external factors.

Persistent geopolitical tension affecting Suez Canal  

Weak global trade will put pressure on purchasing power

We need policies that boost investors’ confidence

Leaders who respect governance 

Hard-working, truthful to the public.

Conflicting narratives

Half-baked statements

Madani rice 

Fluctuations in ringgit

Delayed policy reforms

Confuse the public, investors 

undermine confidence, economic stability.

2024 will be painful year

The appearance and act on the above video are for illustration purpose only.

End©Permadu


By Fauzi Kadir,
Chief Editor

Assistant Editor
Jamaliah Mohd Salleh


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