By William Pesek
Bloomberg
Jun 18, 2015
Asia-based journalists have missed Mahathir Mohamad since he left office in 2003. The former Malaysian prime minister’s mercurial governing style and fiery rhetoric made for great copy. I was in a Hong Kong ballroom in 1997 when Mahathir — the man credited with turning the agricultural backwater Kuala Lumpur, which literally means “muddy river,” into one of Asia’s most impressive skylines — responded to his country’s crashing economy by castigating hedge fund managers. He singled out George Soros as a “moron.”
Mahathir now has a new target — Najib Razak, Malaysia’s current prime minister. The daily squabbling between Najib and his predecessor has unsettled Malaysian markets, with the ringgit falling to its lowest value in a decade. But Najib has nobody to blame but himself for the attacks, given the country’s underlying economic distress. Malaysia’s prolonged slow growth, which has Fitch now threatening a downgrade of the country’s credit ratings, traces back to Najib’s refusal, or inability, to make good on his pledges to dismantle race-based policies that strangle innovation, feed cronyism and repel multinational companies.
You don’t have to take Mahathir’s word for it — Malaysia’s most successful entrepreneurs say the same thing. Just ask Tony Fernandes of AirAsia. Continue reading “Malaysia Gets a Dose of Real Talk”