Pathetic Budget 2017 - What did you expect from Asia’s worst finance minister 2016

Asia's Worst Finance Minister 2016

 Pathetic Budget 2017 - What did you expect from Asia’s worst finance minister 2016

Unable to fulfil or achieve Vision 2020’s target to transform Malaysia into a developed nation status, 1Malaysia Development Berhad (1MDB) Prime Minister cum Finance Minister Najib Razak on Oct 17, 2016, announced his National Transformation Programme 2050 (TN50). (Read this for context: http://victorlim2016.blogspot.my/2016/10/1mdb-pm-najibs-tn50-is-just-crap.html)

Well, Malaysians should not be surprised to get such a pathetic Budget 2017 and the TN50 crap added to it.

After all, FinanceAsia had named Najib as the worst finance minister in 2016.

Malaysia is blessed with rich natural resources, including oil and gas, but after 59 years of Merdeka (Independence) its federal debt is at RM800 billion or has even surpassed RM1 trillion.

Malaysians have only the Umno-led Barisan Nasional (BN) federal government to thank for such an achievement.

In terms of growth, just compare Malaysia with South Korea and China. Malaysia was at one time economically and technologically better off than both South Korea and China. Today …

Read on what lies ahead for Malaysia to be led by BN:

"Malaysia's Prime Minister Najib Razak named Asia's worst finance minister 2016


By Rachel Middleton

February 3, 2016 06:56 GMT

Malaysia's Prime Minister and Finance Minister Najib Razak - Reuters

FinanceAsia has named Malaysia's Prime Minister and Finance Minister Najib Razak as the worst finance minister in 2016. He pipped 12 other finance ministers of Asia-Pacific's largest economies for the crown. Last year, Najib came eighth in FinanceAsia's ranking.

The magazine said that 2015 had been a "very challenging year" for the Malaysian economy, having suffered a "double whammy" of a political scandal involving state fund 1Malaysia Development Fund and Najib. It also faced the collapse in the price of its key oil export.

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The scandal over 1MDB triggered demands for Najib to step down, raising doubts in the international arena over Malaysia's commitment to good governance, FinanceAsia added. After months of an internal probe, Malaysian authorities said last month that there was no evidence of any wrongdoing by Najib.

"The long-running political crisis has taken up time that could have been better spent addressing the country's acute economic troubles and made Malaysia appear even less attractive as an investment destination," FinanceAsia said. It noted that in the third quarter of 2015, foreign investors pulled out around $5.83bn (£4.04bn, €5.34bn) from the country. The ringgit depreciated by 19% in 2015 - a fall not seen since 1997.

FinanceAsia said: "The main task for Najib will be whether he can manage down the budget deficit of 3.1% of GDP in 2016 from 3.2% in 2015 in the face of a further slowdown in Chinese economic growth and low oil price. Najib's stated aim is to balance the books by 2020, which would be no mean feat for a country that has run a deficit since 1998."

It continued: "How the embattled Najib can improve Malaysia's reputation remains to be seen, but before then he must be ready to figure out a plan to tame the budget deficit while external weaknesses continue to crimp government revenue."

Thailand's Apisak Tantivorawong took the second last 11th spot for the worst finance minister. It noted that Apisak "appears to have limited influence" and that former finance minister Somkid Jatusripitak seems to be leading the government's economic effort with "similar crowd-pleasing tricks".

It said that these moves will drain government funds and are unlikely to leave any lasting economic benefit. "Thailand's economy may grow faster this year but its foundations remain worryingly weak."

The magazine said that the government should focus on getting large-scale infrastructure projects moving, highlighting that Thailand "does not have a positive track record for executing in a timely fashion."

More about Najib Razak

·  Malaysia lashes out as Singapore and Switzerland release initial details of probes into state fund (http://www.ibtimes.co.uk/malaysia-lashes-out-singapore-switzerland-release-initial-details-probes-into-state-fund-1541377)

·  Malaysian PM Najib Razak to face US corruption inquiry (http://www.ibtimes.co.uk/malaysian-pm-najib-razak-face-us-corruption-inquiry-1520798)

·  Malaysia to inject $4.6bn into stock market to revive economy says PM Najib Razak (http://www.ibtimes.co.uk/malaysia-inject-4-6bn-into-stock-market-revive-economy-says-pm-najib-razak-1519639)

·  Malaysia PM Najib Razak refuses to quit calling protests 'haram' (http://www.ibtimes.co.uk/malaysia-pm-najib-razak-refuses-quit-calling-protests-haram-1517780)

·  Malaysia protests: Demonstrators take to streets for second day as government threatens reprisals (http://www.ibtimes.co.uk/malaysia-protests-demonstrators-take-streets-second-day-government-threatens-reprisals-1517717)

·  Thousands of anti-government protesters demand resignation of Malaysian Prime Minister Najib Razak ( http://www.ibtimes.co.uk/thousands-anti-government-protesters-demand-resignation-malaysian-prime-minister-najib-razak-1517619) - International Business Times"