Idris Jala said the country's fiscal reforms successfully implemented, thus reducing the fiscal deficit Malaysia for a period of five years, in addition to ensuring that public debt is at 53 percent of GDP.
KUALA LUMPUR: Minister in the Prime Minister's Department Datuk Seri Idris Jala blasted Bloomberg regarding the recent article by columnist William Pesek.
In an open letter to providers of financial and business information, Idris said the latest discharge Pesek, "Malaysia Gets a Dose of Real Talk", consistent with a series of articles critical of Malaysia and its leadership.
"In a review of Bloomberg View, he began by referring to the basic economic problems and the continuing slow growth, which he attributed to race-based policies that restrict innovation, favoring cronies and pushing multinational companies.
"The fact is, however, between 2009 and 2014, Malaysia's gross national income grew by 47.7 per cent. Growth last year at six per cent, and within the next four years, the Organization of Economic Cooperation and Development has forecast Malaysia will enjoy annual growth of 5.6 per cent," he said
Idris said that it would be unreasonable to describe it as 'slow' and vice versa, The Economist magazine reported last month that the European Commission has forecast growth in 2015 of 1.5 percent, which would be the best achievement of the Euro zone since 2011.
"The growth rate nearly four times, and some of the most advanced countries in the world do not represent 'problem'," he said.
He also said Prime Minister Datuk Seri Najib Tun Razak has launched the Economic Transformation Programme in 2010 and highlighted some key milestones, including the fact that in the last five years, annual investment growth 2.5 times more than in previous years.
"Each year, the total investment reached a new record for Malaysia. The majority of these investments from the private sector. If the private sector does not have confidence in Malaysia as alleged by Pesek, why they put a record investment year after year under the Najib administration?" he said.
He also said the country's fiscal reforms successfully implemented, reduce the fiscal deficit Malaysia for the past five years, while ensuring that public debt is at 53 percent of gross domestic product.
"The level of public debt is much lower than in most countries, like the United States, United Kingdom, France, Japan and Singapore.
"Third, as stated in the Report of the World Bank's Global Economic Prospects 2014, Malaysia's efforts to reduce poverty have recorded great success, almost eliminating absolute poverty on less than one percent.
"Since 2009, group income households in the lowest 40 percent increase with a compound annual growth rate of 12 percent, higher than the national average of eight per cent. Inflation confirmed at only 2.4 per cent and through the implementation of minimum wage laws, we issued 2.9 million people from absolute poverty immediately.
"Fourth, we touch the lives of five million people through rural roads, water and electricity projects. This is possibly the largest government spending over the next five years in the history of Malaysia. All this is done in the name of economic development that is inclusive," he said.
Idris, who is also Chief Executive Officer of the Performance Management and Delivery Unit (Driver), continues to deny what is called a negative image specified by Pesek.
The volatility of the ringgit, columnist Idris suggests that discussions with Tan Sri Zeti Akhtar Aziz, the central bank governors of the most admired in the world.
He said Zeti has repeatedly stated that the ringgit undervalued and when oil prices fall, a wrong perception of the level of economic dependence on the oil and gas sector, has led the market believes Malaysia will be affected more than others.
"Of course ringgit undervalued. It does not reflect our fundamental values, which are stronger and stronger," Idris quoted Zeti as saying recently.
On other matters specified Pesek of Najib "increasing economic dependence on oil and gas production", he said the International Monetary Fund believe otherwise.
"The title of the report 'Economic Health Check' in March this is, 'Favorable Prospects for Malaysia's Diversified Economy'," he said.
According to Idris, Pesek opinion seems not to have a strong link with the facts.
"He gave his true agenda when writing press based in Asia feel the loss of Tun Dr Mahathir Mohamad since the former prime minister to resign in 2003 and suggested the old political leadership immediately returned.
"It may be nostalgic for the past and his distance from Malaysia have clouded his judgment and led him to write parallel unfounded on the prime minister in a bid to win over Mahathir.
"He seems like a changed mind about the former prime minister. Just last year, he wrote that the system of narrow and manipulated the jury with regard to affirmative action, state champion and lucrative subsidies that supported Mahathir, which hinder economic progress," he said.
Idris said the snub was concluded that Malaysians have to find new inspiration to look forward, rather than back to 1990.
"We agree. Why did he now feel that we need to look back to the system that he described in a condescending manner in the past year?" he said.
Idris said Malaysia has undergone a remarkable economic transformation under Najib and the country is on track to achieve high-income status by 2020.
In a stern tone, Idris said if Pesek do not agree with any of the above, he may, should discuss with his editors.
"However, the report was issued, by no other than, Bloomberg," he said.
