MIER just now said that our national economy will perform better this fiscal with a negative-growth of between three and two percents by end of this month!
Aiyah, how can 'negative' thinggies be good lah? (Psst... the ghosts of Adam Smith and Lord Keynes must be turning over and cursing in their respective graves oohh...). Oops, MIER is being oxymoronic, no?
Our think tank further foresees a growth of 3.7% in 2010 and another +5% a year later! Very good indeed. Plausible contention, eh?
Alas, let us be realistic: My wife's monthly shopping budgets over the last umpteen months have been buying lesser and lesser necessities. Our monthly transportation expenditures have spiked. What little FD's we managed to and did maintained are earning less after each successive maturity-dates. Our standard of living has deteriorated but the costs have not! We are retired and dependent upon our savings.
With scant if not virtually no news about new big-time manufacturing entrants, technologies breakthroughs, nor boasts of inreased FDI's and hastened local capital accumulation, our expected growths in the ensueing two years will likely be anchored by, yes, increased public expenditure (read increased national debt) and global demand-pull for oil and gas exports. Are these tactically controllable or politically sustainable ah? Moot leh!
Oh, by the way, MIER, both the Indian's and Chinese's laudable performances are results of purposeful, deliberate yet sensible and proactive management of their critical economic variables and not because of ..."the regional trend(s)...".
If regional trends, how come we could not hitch a piggyback ride?
Still, I want to support the foresights of MIER's - regardless of future outcomes! (It feels good in an era of bleakness.)
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