(Petaling Jaya, Wednesday): The Prime Minister, Datuk Seri Dr. Mahathir Mohamad should explain the nature of the "shocking measures" he asked the people to be prepared for to overcome the worst economic crisis facing the nation when he was in Kota Kinabalu last Saturday.
Mahathir said: "We may be taking a number of measures which may shock us. We may feel frightened or doubtful as to whether they will benefit us and whether they will help overcome our economic problems.
"But believe me, every time we act, we think about it deeply and ensure the approach is only for the people�s benefit."
The most important question is whether these "shocking" measures are economic or political in nature, whether it entailed a major change of the present power structure in the country.
Mahathir�s "shocking measures" announcement in Kota Kinabalu caused a new plummetting of market confidence with a 3.6 per cent slide at the Kuala Lumpur Stock Exchange (KLSE) on Monday to fall to almost 10-year low, i.e. down 11.74 points to 316.24 points.
It was reported that the MCA president Datuk Seri Dr Ling Liong Sik will open a seminar on the Recovery of the Malaysian Economy and its Opportunities in Kuala Lumpur on Aug 27, which would be addressed by the country's top economists and corporate figures.
Liong Sik should explain at the one-day MCA economic seminar why his forecast of a three-month economic recovery from January to April this year had not materialised, with the economy set to face an even worse scenario in the short term.
(19/8/98)