Wednesday, March 14, 2018
The current level of the country’s debt proves that Malaysia’s economy has been well managed, according to an expert on the economy. Harvard graduate Isham Jalil said this was true as the country’s debt was just 53% of the gross domestic product, below the maximum level of 55%. “Malaysia’s external debt is lower than its internal debt,” he said in an interview posted on Facebook. Isham, who is also the prime minister’s special officer, also refuted the allegation that Malaysia would turn bankrupt due to the current level of debt. “It’s reckless to say that the country will go bankrupt by having 53% debt against the GDP. “Look at other countries. Japan’s debt, for example, is over 100% (of its GDP),” he said. Besides, he said the adoption of the maximum level of debt at 55%, an arbitrary level set in Europe 20 years ago, also showed that Malaysia had imposed it on itself despite that level no longer being adopted or adhered to by other countries.