The following is a comment by a reader. Thank you.
Am darn sure many amongst us felt it, and the rest of us observed it too.
As the Americans said it back in the 90s, "it's the economy, stupid" during the steep recession and economic hardship then.
The crowds at the Bazaar Ramadhans this year were lower than what it used to be, when the one last year was also slower than those before.
I did ask the traders, the answers were one of despondence and dispirited, weaker trading volume, they whined.
In other markets, the usually brisk business during Ramadhan was palpably absent this year.
My small business included, and being an accountant and auditor that I am, cost-cutting measures were put together since GST days (2016). Overhead structure revamped, and it has helped since, to stay afloat.
Many businesses in my vicinity have shut down, folded.
Syawwal days were also kinda lacklustre, made up only by the ebullient kids, who are always excited for Hari Raya.
Well, the traffic crawl was a given, where most of us just want to be back in our kampungs. Spending was constrained and controlled .. ubiquitous.
Why, you may ask?
And read the following facts, it's not conjecture.
To begin with, a large majority of us are drowned in DEBT, up to the wazoo ... as the Brits would say.
Household and Corporate Debt is at its highest yet, estimated at RM 1.4 trillion.
Govt debt is inching higher, could have been worse had it been under the previous administration.
At almost 65% of GDP, it should not go beyond 80%, by IMF and The World Bank benchmark.
Wages remained almost stagnant against increasing living cost.
Annual bonuses are weak, mostly none.
9 out of 10 cars on the road are 1-2 instalments behind, think about that.
These are Bank Negara numbers !!!
80% of wage earners have hardly RM500 to defray emergency needs.
And for those with EPF savings, it would not be there after 5 yrs of pension age (55 yrs old). So say EPF bigwigs.
Unemployment amongst graduates is at at record highs, and those with jobs reside with their parents.
They earn enough for themselves, flipping burgers and waiting tables. I have many acquaintances getting by with 2 jobs. Others go into further debt to put food on the table.
Unsold properties sitting at RM 40 billion overhang, that is Huge !!
One can see rows after rows, blocks after blocks of unsold commercial units, apartments and condos. Not to mention too of houses on auction by the lending banks.
Personal bankruptcies are rising, from business loans, vehicle and housing loans, and credit card debts. From loan sharks too
Of course the 1% at the top grows richer, some of them, illicitly ... those kleptocrats. I digress ��.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.