The nerves are getting frayed. It's the nail-biting time. If you look at the chart that I extracted from here, you will see that the NPL trends up to November 2008 looks pretty good.
This is the type of chart that is hazardous for Malaysian economic managers to rely on since there is a 2-month lag. The reason is simply because if one were to look away from the charts into the current situation, the sense would have to be that the NPLs are likely to climb up from December 2008 and creep further upwards as 2009 progresses. There are plenty of anecdotal evidence pointing towards this scenario.
The question is, will the economic stabilisation package or stimulus package do the trick to prevent such trends from worsening? Tengku Razaleigh Hamzah has expressed misgivings. I suspect many more will share the same sentiment.
The point is that Malaysia's economic managers must manage expectations and air policy scenarios to a wider plebescite than the bunch of fellas in the so-called Economic Council whose best shot seems to be a stimulus package for their pet sector, construction and property development.
Malaysia has a larger talent pool of economic managers than that. Why all the hush-hush? Could it possibly be due to fear of being exposed as having been ignorant about the economic scenarios and trends?