WOKE up to a slew of reports on Malaysia, indebtness and the comparison to Sri Lanka, which were all mostly MISLEADING.
THE article correctly states that Malaysia does not have the second largest national debt in Asia and that Singapore has the second largest national debt in Asia .
SO is it time to sing :
Oh jungle people
We are happy people
In the world that we belong
We sing a happy song.
WHILE the article correctly states the facts, it is misleading all the way. First of all, as NST and The STAR correctly pointed out the issue of being excessively indebted is related to HOUSEHOLD debts (that means what we the people owe and not what the country owes).
READ :The Star :PETALING JAYA: Malaysia’s household debt-to-gross domestic product (GDP) ratio, is the second highest in Asia,
ON the issue of Singapore's debt, let's not SYIOK SENDIRI. Rather here is the explanation from the Singapore Government. READ : Singapore Government says officially that it has actually ZERO DEBT.
IS Malaysia the next Sri Lanka? Hell NO, we are NOT. The former Permodalan Nasional Bhd chief finally has something sensible to say. READ : Many have pointed out similarities about Sri Lanka & Malaysia. There are some but structurally both countries are built differently and has its unique set of challenges.
WHO ARE WE THEN ? Well we are the NEXT MALAYSIA, and our main core issues are the hidden household debts and CORRUPTION. If we can ease off corruption, then we will truly be HAPPY PEOPLE.
AS early as 2015, reports states that In Malaysia, 33 percent borrowed money, but only 11 percent borrowed from a financial institution. (https://news.yahoo.com/soaring-asia-household-debt-not-fully-captured-043010022.html)
WHAT this means is a lot of us owe money to Ah Longs with steep interest rates, and this borrowing is not reflected in the official RM1 trillion of household debt, we burden ourselves with .