Quarter One GDP -6.2%

Bank Negara Malaysia released the first quarter GDP of -6.2%
CPI for the first quarter is 3.7%
International Reserves at USD 88 Billion

Earlier I predicted the Malaysian Economy would stabilized at least a positive figure but clearly that does not materialized. Since the Central Bank has proposed another bleak figure for quarter 2 ,2009 a positive GDP for 2009 is unattainable. Thus my revised GDP forecast for 2009 is -4.8%

The good news is Malaysian Banks remain resilient despite the global crisis. But Bank Negara has assumed control of a local insurance company i.e. Tahan Insurance since Tahan Insurance failed to comply with its capital requirements.

Now that GM is prepared to go under chapter 11, my reaction is why can't GM sell its equities to individuals. I am certain in spite of the downturn Americans still have many millionaires and billionaires whom I believe would be interested to buy equities in GM.