Dissecting the ETP Annual Report (Part 4): 45pc of GNI and 20pc of jobs disappeared in ‘recalibration’

(Also published on The Malaysian Insider)

‘Massive revision’ better describes the loss of GNI (Gross National Income) and jobs. In the ETP Annual Report, PEMANDU glossed over the changes when it ‘recalibrated’ the investments, GNI contributions and job creation numbers of the various entry point projects (EPPs). But the changes are enormous. RM107.7 billion of GNI and 75,000 jobs equivalent to 45 per cent and 20 per cent of the respective original forecasts were written off.

Continue reading “Dissecting the ETP Annual Report (Part 4): 45pc of GNI and 20pc of jobs disappeared in ‘recalibration’”

Implications of rebasing and revising our national accounts

(Also published on The Malaysian Insider)

Something interesting happened to our national economy in May 2012. Our per capita Gross National Income (GNI) increased from RM29,094 to RM29,661. Our GDP increased from RM853 billion to RM881 billion and our GNI increased from RM831 billion to RM859 billion.

And all of these are nominal figures for the year ending 2011. Did we suddenly grow richer without actually realising it? Did we discover some hidden loose change in the deep recesses of the nation’s glove compartment or underneath the car seat?

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Dissecting the ETP Annual Report (Part 3): It was only RM12.9 billion of actual investments

(Also published on The Malaysian Insider)

It’s a long way from “committed” to “actual”. PEMANDU trumpets in its Annual Report that the ETP has brought in RM179 billion of investments. What is downplayed is that the RM179 billion is for committed investments. Actual investments under the ETP were just RM12.9 billion — a mere 7 per cent of the RM179 billion committed.

Continue reading “Dissecting the ETP Annual Report (Part 3): It was only RM12.9 billion of actual investments”