Mention IMF and World Bank, the first thing that come to our mind is the book, Confession of an Economic Hitman.
Despite our prejudice towards these two international body, latest revelation on the forex trading loss by Bank Negara Malaysia shows the currency crisis was not entirely an international conspiracy to impoverish the country as Tun Dr Mahathir said in the eye of storm as he pass the blame rouge currency traders.
Economic reports published by these two international bodies carry a lot of weight. It is pointless and could be detrimental to ignore their advise and recommendation.
The Edge and The Malaysian Insights tried to spin the good report on Malaysia in the World Bank semi annual report. Though it fair comment to hear other view, even if it is politically motivated, it is another story to propagate fake news.
In The Mole latest column, That political spin on the World Bank report, the writer express his concern below:
To accuse the financial daily and news portal of committing economic sabotage, it is an emotional response. But, when negativity is widely propagated, it could ricochet back to the economy and be a self fulfilling prophecy.Read on to hear him debunk and touch the various issues regarding rising prices, tax reform, youth unemployment, budget deficit, national debt, GDP and growth rate.