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.
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.
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