Information and Communications Minister Salleh Said Keruak said that Malaysia was the victim of economic sabotage as part of a bid to undermine the ruling party.

In a press release today, Salleh said the neighbouring Thailand was facing a similar predicament as the bombing in Thailand yesterday was aimed at crippling its tourism industry.

"In Malaysia's case, they are going all out to undermine the credibility of the government.

"Western media consultants are being engaged to spin stories in foreign publications and blogs about corrupt acts being committed by the prime minister and about Malaysia's economy on the verge of bankruptcy.

"And to strengthen this allegation there are even efforts to attack the Ringgit to 'prove' that the world has totally lost confidence in Malaysia.

"The picture being presented is that a lower Ringgit means that Malaysia is headed for doom. They even say that Malaysia is amongst those regarded as 'failed states'," said Salleh.

Salleh suggested that masterminds behind this were local as he described the act of sabotage was "treasonous".

"Economic sabotage, especially one that is engineered and financed by Malaysians, is without a doubt an act of treason. These traitors must be exposed and appropriate action be taken against them.

"No longer must the country be allowed to suffer just to satisfy the political ambitions of those who wish to oust the government and grab power through unconstitutional means," he said.

Salleh's remarks were made amidst record depreciation of the Ringgit and bearish stock market.