(Bernama) -- Financial policies created must be people-focused and should not be formulated only for investors and their money managers, the Raja Muda of Perak, Raja Dr Nazrin Shah, said Monday.
He said at the start of the current global financial crisis, stark contrasts were painted between the interests of "Wall Street versus Main Street", adding that Asia could not afford its own version of this duality.
"Policymakers cannot cater to the needs of the elites and ignore those of the man and woman on the street struggling to put food on the table," said Raja Nazrin, who is also financial ambassador of the Malaysian International Islamic Financial Centre.
He said this in his keynote address at the Asian Development Bank-Bank Negara Malaysia-European Commission Joint Conference themed "Beyond the Global Crisis: A New Asian Growth Model?" held here.
According to Raja Nazrin, the bottoming out of the recession came not at a moment too soon.
"But what lies beyond the global crisis? Is it a return to business as usual? Or do we seek to do things differently?" he said.
Raja Nazrin said there was a need to be vigilant in order to formulate proper policies and plans for the future so as not to be lulled into a false sense of security and be blinded to the clear and present dangers.
"The large amount of money that has been created to combat the recession will have to be neutralised or it will pose a problem rather than a solution. Fiscal deficits will need to be reined in, as will the rising levels of debt," he said.
Hoping that the worst was now behind, Raja Nazrin said there was also a need to "regularly check our beliefs and assumptions" and be wary about the dangers of "groupthink".
At the same time, he urged Asia to seek alternative sources of growth besides the traditional "export-led" growth.
Asia's traditional export markets in the West are weak and poised to grow at much slower rates over the next few years as fiscal and monetary balance was gradually restored, he said.
Raja Nazrin said rising pressures and protectionism were also threatening to constrict trade and investment as governments sought to pander to their domestic constituents, and the increase in competition was also high as many more countries and regions aspired to join the ranks of exporters.
However, he cautioned against inciting a new wave of export pessimism.
"It is fine and well to speak of a global decoupling of the sources of macroeconomic growth. This will create much-needed stability," he said.
"But we should ask ourselves this: Would any of us like to see a decoupling of the linkages among our economies, linkages that have taken a long time to construct?"
Comments (46)
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written by hellosunshine, October 20, 2009 02:10:13
written by hellosunshine, October 20, 2009 02:10:13
Spear Bing, don't talk cock lah. Get down from your high wooden horse and stop trying to be smart. MT readers were all pleading first and then condemning them when Perak fell since day one. Which planet did you come from? Didn't you know that some were charged for sedition? 
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written by budakindia, October 20, 2009 01:51:05
written by budakindia, October 20, 2009 01:51:05
Hahahaha! What a sick joke! Making a mockery out of us! 
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written by goman2k3, October 20, 2009 01:47:17
written by goman2k3, October 20, 2009 01:47:17
We must once again thank RPK to expose the wolf in sheep skin or a leopard cannot change it spots. Or seperti Pagar makan Padi.
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- +7
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written by BennyG, October 20, 2009 00:41:17
written by BennyG, October 20, 2009 00:41:17
You & your father no longer have the right to give speeches that seem righteous because both of you did exactly what UMNO does i.e. doublespeak!
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written by Fart Fart Wah, October 19, 2009 17:17:18
written by Fart Fart Wah, October 19, 2009 17:17:18
so far if you have not OBSERERVED..we have a financially gained re-elected corrupted leader...and we have the cabinet endorsing the 12 billion PKFZ and of course we have the royal family gaining on GAmuda and a few islands...
...not a bad speech....not a bad speech....
...not a bad speech....not a bad speech....
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written by Ulan Benson, October 19, 2009 16:30:10
written by Ulan Benson, October 19, 2009 16:30:10
written by jangantipu, October 20, 2009 00:11:56
Henceforth, whatever comes out of his mouth is only angin to me.
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Er..you mean like a 'fart smell'?
Henceforth, whatever comes out of his mouth is only angin to me.
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Er..you mean like a 'fart smell'?
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written by jangantipu, October 19, 2009 16:11:56
written by jangantipu, October 19, 2009 16:11:56
Henceforth, whatever comes out of his mouth is only angin to me.
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written by Bigdawg, October 19, 2009 16:09:58
written by Bigdawg, October 19, 2009 16:09:58
Yeah ! Not my type of hero too.
I had faith in what I thought was a man of great stature.
Turned out to be a great disappointment.
I had faith in what I thought was a man of great stature.
Turned out to be a great disappointment.
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written by Spear Bing, October 19, 2009 16:09:10
written by Spear Bing, October 19, 2009 16:09:10
One stark and damning revelation by RPK on Nazrin and the Perak Royal Family, and you all guys start to turn the tables against Nazrin, in deep deep contrast to the previous superlative majestic accolades.
My... my... how deep is your judgmental capabilities and for how long can you continue to switch your semantic mindset at the speed of reading one article by RPK. What if RPK did a behavioral test and spin the story to gauge your reaction?
This kind of knee-jerk reaction only reflects the level of intelligence of the readers without checking out the facts and truth of the matter.
Even without RPK's revelation,it's common knowledge Nazrin's ascendancy to the Perak throne was not carried according to the royal customary traditional procedures. Sultan Azlan has hijacked and rough shot at his own whims and fancies. And who does not know about Gamuda chain of companies and the owners' connection with the BN government?
My... my... how deep is your judgmental capabilities and for how long can you continue to switch your semantic mindset at the speed of reading one article by RPK. What if RPK did a behavioral test and spin the story to gauge your reaction?
This kind of knee-jerk reaction only reflects the level of intelligence of the readers without checking out the facts and truth of the matter.
Even without RPK's revelation,it's common knowledge Nazrin's ascendancy to the Perak throne was not carried according to the royal customary traditional procedures. Sultan Azlan has hijacked and rough shot at his own whims and fancies. And who does not know about Gamuda chain of companies and the owners' connection with the BN government?
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written by Ulan Benson, October 19, 2009 14:58:49
written by Ulan Benson, October 19, 2009 14:58:49
The 'crown' has spoken or the 'clown' has spoken? A Republic of Malaysia will get rid of this clown!
A Republic of Malaysia will get rid of this clown!
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written by tom73my, October 19, 2009 14:35:54
written by tom73my, October 19, 2009 14:35:54
Enough lah Raja Nazrin, you have totally lost your credibility in the eyes of Malaysians. A disgrace to your ancestor, memalukan orang Melayu, manjatuhkan maruah rakyat Perak. I would rather die than living like you.
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written by goldeneye, October 19, 2009 14:34:15
written by goldeneye, October 19, 2009 14:34:15
Nothing this fellow or his father says excite me anymore. Benefit the people or benefit his himself and his family? His father even wrote a book saying it is the duty of constitutional monarch to grant dissolution of the Assembly when requested but he did the opposite of what he expressed in his book. Nothing but empty words to win the people's hearts. Bah!
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written by Daryl, October 19, 2009 14:17:37
written by Daryl, October 19, 2009 14:17:37
Dear Raja Muda Nazrin
Nasi sudah jadi bubur.... Cakap tak serupa bikin...
Nasi sudah jadi bubur.... Cakap tak serupa bikin...
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written by varvoom, October 19, 2009 13:55:45
written by varvoom, October 19, 2009 13:55:45
Looks like it’s unanimous, Malaysians want a Republic and the handful that c***k “disagreeâ€, either done it accidently, pissed or that raja nazrin c***k it himself.
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written by cheemengwong, October 19, 2009 12:55:17
written by cheemengwong, October 19, 2009 12:55:17
Which Royalty in the whole wide world existed and benefited the Raayat? Tell me.
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written by johanssm, October 19, 2009 12:45:11
written by johanssm, October 19, 2009 12:45:11
Hello Raja Nazak , your speech tak boleh pakai dah , it is worthless .
Dare that Raja Nazak dispute Raja Petra 's " Why the Pakatan Rakyat government was brought down in Perak" ?
Dare that Raja Nazak dispute Raja Petra 's " Why the Pakatan Rakyat government was brought down in Perak" ?
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written by hellosunshine, October 19, 2009 12:37:16
written by hellosunshine, October 19, 2009 12:37:16
Why is it that some people have such thick skin like an elephant's that they constantly stand up to speak in public thinking the rakyat still adored and respect them? Instead, they get insults and curses for the evil that they had committed against the rakyat. Have they no pride and self respect???
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written by James Loh, October 19, 2009 12:21:14
written by James Loh, October 19, 2009 12:21:14
Wow! He must really be a good actor. Hypocrite.
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written by inoi, October 19, 2009 12:14:29
written by inoi, October 19, 2009 12:14:29
you show true color when you choose someone else not from non-muslim.
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written by aplus, October 19, 2009 12:08:00
written by aplus, October 19, 2009 12:08:00
Yeah, don't forget to collect your RM30 before you go home.
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written by Ghifarix, October 19, 2009 12:06:15
written by Ghifarix, October 19, 2009 12:06:15
Run your mouth Nazrin - just saying nothing. We don't like you an more than we like the Gomen. REPUBLIC REPUBLIC REPUBLIC: ALLAHU AKBR!
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written by hellboykl, October 19, 2009 11:54:10
written by hellboykl, October 19, 2009 11:54:10
But it looks more like MUST BENEFIT THE ROYAL FAMILIES!
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written by shamadz72, October 19, 2009 11:47:58
written by shamadz72, October 19, 2009 11:47:58
Financial Policies Must Benefit The People 'Gamuda', Says Raja Nazrin
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written by jchew, October 19, 2009 11:41:41
written by jchew, October 19, 2009 11:41:41
all royals have their wealth invested/transfered overseas! they know when their times are up; they will still live like a king and queen aboard.
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written by imanj, October 19, 2009 11:35:02
written by imanj, October 19, 2009 11:35:02
From the movie 'GLADIATOR'at the arena where a gladiator before he faces his opponent salutes the Emperor 'We who are about to die salute you' And so say all of us.One damaging article earlier and another for dessert.
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written by Sembahyanglahkamu, October 19, 2009 11:34:38
written by Sembahyanglahkamu, October 19, 2009 11:34:38
1. Umno gave the Sultan a piece of state land known as lot 183578. The land is approximately 600 acres in size and is at Tanjong Tualang in the district of Kinta.
2.Umno gave the Sultan of Perak a 1,000-acre timber concession along the 11km Gerik-Kupang highway in Ulu Kenderong, Gerik, Hulu Perak.
3. Umno gave the Sultan of Perak seven timber concessions at compartments 39, 41, 42, 43, 44, 45 and 49 in the Kenderong Forest Reserve in Hulu Perak.
4. Umno is about to approve a proposal for reforestation involving 10,781 hectares for the Sultan of Perak.
5. Sultan of Perak allowed to take over the state-owned Casuarina Hotel in Ipoh for a negotiated cut throat price of only RM43 million whereas it can fetch a far higher price on the open market.
6. Raja Datuk Seri Eleena Azlan Shah is a Director of GAMUDA BERHAD and is Malaysia's 25th richest person with assets worth over RM 773 million.
2.Umno gave the Sultan of Perak a 1,000-acre timber concession along the 11km Gerik-Kupang highway in Ulu Kenderong, Gerik, Hulu Perak.
3. Umno gave the Sultan of Perak seven timber concessions at compartments 39, 41, 42, 43, 44, 45 and 49 in the Kenderong Forest Reserve in Hulu Perak.
4. Umno is about to approve a proposal for reforestation involving 10,781 hectares for the Sultan of Perak.
5. Sultan of Perak allowed to take over the state-owned Casuarina Hotel in Ipoh for a negotiated cut throat price of only RM43 million whereas it can fetch a far higher price on the open market.
6. Raja Datuk Seri Eleena Azlan Shah is a Director of GAMUDA BERHAD and is Malaysia's 25th richest person with assets worth over RM 773 million.
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written by blogsmith, October 19, 2009 11:10:07
written by blogsmith, October 19, 2009 11:10:07
Do state your opinion but hopefully all of you can refrain from too coarse a language
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written by onnetline, October 19, 2009 10:36:45
written by onnetline, October 19, 2009 10:36:45
Who is this hypocrite puppet trying to make a grand statement of public well being.
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written by Vivarium, October 19, 2009 10:18:17
written by Vivarium, October 19, 2009 10:18:17
Tounge in cheek !
Palaces flourish while people suffer, and is this Malaysia's Growth Model ?
For Fuk sake, can this be your last public speech ?
Palaces flourish while people suffer, and is this Malaysia's Growth Model ?
For Fuk sake, can this be your last public speech ?
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written by ATSaari, October 19, 2009 10:15:22
written by ATSaari, October 19, 2009 10:15:22
Before Tuanku Nazrin go on further with your rhetoric bla.bla..blah... I would like to advise Tuanku to read the following first:Why the Pakatan Rakyat government was brought down in Perak (UPDATED with Malay translation) http://mt.m2day.org/2008/content/view/27901/84/
"NOW WE KNOW WHAT YOU DID LAST SUMMER"
"NOW WE KNOW WHAT YOU DID LAST SUMMER"
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written by malsia1206, October 19, 2009 10:01:08
written by malsia1206, October 19, 2009 10:01:08
Let these statistics show at this time -
1. RPK's write-up posted on this site "WHY THE PAKATAN RAKYAT GOVERNMENT WAS BROUGHT DOWN IN PERAK" receives 82 comments from readers.
2. The Raja Muda's views that financial policies must benefit the rakyat as reported here receives only a miserable 12 comments from readers.
Just go to show interest is definitely wanning on Raja Muda's public views even when they touch important aspects of financial policies.
These stats probably speak for the rakyat's non-interest on what HRH has to say anymore. Or am I misconceived?
1. RPK's write-up posted on this site "WHY THE PAKATAN RAKYAT GOVERNMENT WAS BROUGHT DOWN IN PERAK" receives 82 comments from readers.
2. The Raja Muda's views that financial policies must benefit the rakyat as reported here receives only a miserable 12 comments from readers.
Just go to show interest is definitely wanning on Raja Muda's public views even when they touch important aspects of financial policies.
These stats probably speak for the rakyat's non-interest on what HRH has to say anymore. Or am I misconceived?
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written by wongnoball, October 19, 2009 09:49:52
written by wongnoball, October 19, 2009 09:49:52
We must learn to Boycott all their Mesra with Rakyat or Show Public Defiance to ALL these Cronies Sultan Munafik...by wearing Black and lining the streets during their Birthday celebration....etc and Puiblic function or when they are in a sport venue.....Shame them we Must..........Their EVIL must Never be tolerated neither will their INSULT to Islam be kept a secret!!! Orang Melayu sudah sedar belum?? Hina Sultan awak teriak teriak, Hina Islam macam kat Bagan Pinang dah Bisu!! Nak bincang lagi Pasal Islam dengan Puak bukan Islam lagi?? To you Your ways, to us, to HELL with your Ways!!
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written by FFT, October 19, 2009 09:38:05
written by FFT, October 19, 2009 09:38:05
Is it just me or does anyone else notice a giant shitfly from Perak buzzing around obnoxiously. Someone should take a fly swatter to it.
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written by hiiijack, October 19, 2009 09:32:24
written by hiiijack, October 19, 2009 09:32:24
FINANCIAL POLICIES MUST BENEFIT THE PEOPLE, SAYS RAJA NAZRIN
Wrong,wrong, wrong. It should read like this ''FINANCIAL POLICIES MUST BENEFIT THE SULTANS AND THEIR CRONIES''Cakap tak serupa bikin punya Raja.
Wrong,wrong, wrong. It should read like this ''FINANCIAL POLICIES MUST BENEFIT THE SULTANS AND THEIR CRONIES''Cakap tak serupa bikin punya Raja.
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written by arazak, October 19, 2009 09:28:58
written by arazak, October 19, 2009 09:28:58
The title of this article should be "FINANCIAL POLICIES MUST BENEFIT THE ROYALTY AND UMNO-BN REGIME".
Sorry, the people meant nothing to the Royalty and the UMNO-BN regime. . .!
Sorry, the people meant nothing to the Royalty and the UMNO-BN regime. . .!
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written by Just Gan, October 19, 2009 09:23:48
written by Just Gan, October 19, 2009 09:23:48
"Financial Policies Must Benefit The People", Says Raja Nazrin . Wow! What great wisdom. We didn't know. Thank you for enlighetning us. As far as we, the Rakyat, know, Financial Policies in Malaysia Must Benefit UMNO, the sultans and UMNO cronies. In fact, Financial Policies in Malaysia are Exclusively for UMNO, the sultans and UMNO cronies and thugs to rip the Rakyat, cheat them and where possible rob them so that UMNO, the sultans and UMNO cronies and thugs can become super rich.
Raja Nazrin,now that you have uttered this great wisdom (which we didn't know until now), can you please use your so-called Harvard/Oxford education to explain how and in what ways finacial policies can be implemented in Malaysia to benefit the Rakyat and not UMNO and the sultans, etc.. If you can't do this, please shut up and stop pretending that you are a clear thinking decent intellectual. Go and enjoy the millions that Najib has given you and your father, the disgraced sultan of Perak, and prepare to take over as another disgraced sultan of Perak as sanctioned and approved by Najib and UMNO. Prepare to become a servant of Najib/UMNO forever and stop pretending that you are even a decent human being.
Raja Nazrin,now that you have uttered this great wisdom (which we didn't know until now), can you please use your so-called Harvard/Oxford education to explain how and in what ways finacial policies can be implemented in Malaysia to benefit the Rakyat and not UMNO and the sultans, etc.. If you can't do this, please shut up and stop pretending that you are a clear thinking decent intellectual. Go and enjoy the millions that Najib has given you and your father, the disgraced sultan of Perak, and prepare to take over as another disgraced sultan of Perak as sanctioned and approved by Najib and UMNO. Prepare to become a servant of Najib/UMNO forever and stop pretending that you are even a decent human being.
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written by DreamLady, October 19, 2009 09:18:29
written by DreamLady, October 19, 2009 09:18:29
Raja Nasrin, you can talk till the end of time, definitely and for sure, I don't believe a word you say because of what happened in Perak that causes the state to experience shameful fiasco. You had the means to stop the broad-daylight robbing by UMNO, but you chose to keep mum and allowed the robbers to plunder PKR!!!! What kind of raja are you???
My advice: I INSIST that you stop preaching anymore in public, people naik meluat listening to the double talk you engaged yourself with.
My advice: I INSIST that you stop preaching anymore in public, people naik meluat listening to the double talk you engaged yourself with.
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Those attended must be either hippocrite themself or just to see how hippocrite hide shamfulness in action!