photo by Stuck in Customs
After spending a few years in Malaysia, whenever you hear top level ministers and the Prime Minister repeatedly declare that things are not that bad, things are actually bad. I’ve talked to shop keepers, hand phone dealers, car salesmen & real estate agents. They already know what the government is afraid to say, Malaysia is indeed in recession.
KUALA LUMPUR: The global economic slowdown is beginning to take a toll on the lifestyle of Malaysians in Kuala Lumpur and people are bracing themselves for difficult times. A member of the public said: “What I heard around in the market… even they are saying things are more expensive. They are buying less, going to supermarket less and business is slowing down a bit.” Another said: “I have cut down a lot on lifestyle expenses.”
I’ve noticed over the past several years the increasing trend of banks handing out packs of 3 and 4 credit cards to just about anyone. Retailers here have schemes whereby people can purchase appliances, computers and such for zero interest for the first 12 months, quite popular with consumers. The real economic danger here will be when people begin to mass default on credit debt.
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