According to the reply from Prime Minister Nazib Razak to Taiping MP Nga Kor Ming (倪可敏) in the parliament, the latest national debt of Malaysia now stood at RM378.3 billion, or 50.6% of the GDP.
This means that for every citizen in Malaysia, we are bearing a national debt of RM14,000 per person on average.
The national debt has surged by 19.1 billion during the 1st quarter of 2010! Compared with the national debt at RM230 billion when RMK-9 was just began, it has increased by RM148.3 billion within just 5 year! During 1997, our national debt was just 96 billion.
If the national debt continues to grow at a CAGR of 12%, by 2019, it will eventually reach RM1 trillion!
The alarm has already triggered, and the government as well as the citizen must wake up now, if we don't want to repeat the history of what is happening in Greece now!
Tuesday, June 29, 2010
Malaysia national debt increased to 50.6% of GDP
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Like Dr. Mamak previously remarked, " I am spending lavisly today but my successor has to do the repayment." or something like this.
If I am in Najib's shoes, I would have done the same to prop up my image while the going is tough. After all,on the other hand like Pak Lah, he tried his best to cut spending to save the Nation from financial disaster, thus, received the weath of Dr. Mamak for making a mockery of his signature projects.
Don't underestimate the wisdom of the present PM. He has gone through the mill since his early thirties to understand the tricks of the trade. After all, its for the development of Nation which benefits the Rakyat. I should compliment him for having the brains to make use of the monies before him to spend, spend and spend. Tomorrow, why worry? His successor has to think out of the box to make repayment after all. This is the PM I admire for he dares to dream and making his dreams come true at the expense of the treasury and his successor.
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