By Saiful Bahri Kamaruddin
Pix Abd Ra’ai Osman

BANGI, 21 January 2015 – Current economic problems are due to external shocks such as the slump in crude oil prices and the slowdown of growth in some of the world’s biggest emerging economies.

The National University of Malaysia’s (UKM) Vice Chancellor, Prof Datuk Dr Noor Azlan Ghazali said it is definitely not as if Malaysia has done something wrong in its economic management.

Prof Noor Azlan said the current economic woes are a short-term cyclical phenomenon which Malaysia is very well prepared to meet head on.

He was speaking at a forum in Putrajaya yesterday immediately after Prime Minister Dato’ Seri Mohd Najib Tun Abdul Razak announced a slew of proactive measures to ensure Malaysia’s growth, development and deficit ambitions remain on track in responding to changes in the global economic landscape.

Also taking part in the forum were Secretary General of The Treasury Tan Sri Dr Mohd Irwan Serigar Abdullah and Bank Negara Governor Tan Sri Zeti Akhtar Aziz.

Prof Noor Azlan said Malaysia is well prepared for any external financial instability as the country had already made several adjustments amid the current global economic turmoil.

He said the economic measures announced by Datuk Seri Najib were timely and would strengthen the nation’s economy.

Among the announcements were that the operating expenditure is expected to be reduced by RM5.5 billion though the development expenditure for the year would be fully maintained.