Malaysia braces itself for recession
By S Ramesh, Channel NewsAsia | Posted: 25 October 2008 0044 hrs

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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."

Since the drop in global oil prices, fuel prices in Malaysia have also been cut. But some Malaysians prefer to wait for prices to come down further.

One said: "I am taking LRT to the office instead of taking the car to the office."

The festive season in Kuala Lumpur started off with Hari Raya, followed by Deepavali, and coming next is the Christmas season. However, shopkeepers said the festive fervour of previous years was definitely not seen this time round.

The Brickfields area in Kuala Lumpur is popular with the Indian community, but in the days leading up to Deepavali, shopkeepers said things are different this year.

A textile shop owner, P Loganathan, said: "Buying not like last year, it is controlled. Because our government has said be careful, not to spend everything (as) recession will come. Don’t know when. It’s a matter of time."

Even though the Malaysian government remains confident that the country's overall economic growth for 2009 will be on the positive side, it is well aware that parts of the population will need help.

Finance Minister Najib Razak is expected to announce more measures in parliament soon.

- CNA/yt