Prime Minister Najib Razak named worst finance minister in Asia this year
An Asian financial website has recently ranked Malaysian Finance Minister and Prime Minister Najib Razak as the worst this year, based on several contributing factors as well as recent developments.
According to Finance Asia, who considers several factors in their comparison for the past 12 months, ranked Najib number 12 of 12 different Asian countries, making him the worst ever Finance Minister in Asia. Factors considered include how the minister managed funds and reforms made, what are the investor perception as well as independence from other more powerful ministers, as well as willingness to fight for public interests.
Unsurprisingly Najib’s position both as Prime Minister and Finance Minister is a big contributing factor towards the position’s independence, however one of the biggest factor mentioned by Finance Asia was the 1MDB scandal that has plagued Najib since the last election.
The ongoing investigation on the scandal has caused much unrest in the eyes of the investors, making Malaysia even less attractive as an investment destination in the face of economic downturn in the region, reported the article. According to Moody’s, foreign investors withdrew about RM 24.5 billion in the third quarter of 2015, and that was made worsen when the Ringgit depreciated at a rapid pace, losing 19% last year to it’s lowest levels in 1997.
Several policies introduced last year has also cause prices of goods to increase tremendously, weakening exports and a rapidly depreciating currency made things much worse. Many middle-class Malaysians have taken complaints to the social media space, and many more believe that Najib is guilty of the 1MDB scandal, even when local investigators announced otherwise.
Meanwhile, the outside world are now looking at Malaysia and Najib, patiently waiting for his next move, and how he will revive the Malaysian economy, as well as regain the trust lost during these times, before the upcoming general elections, slated to be held in 2017.