The prime minister of Malaysia has pointed out in his very recent address at his first monthly meeting of his department in Putrajaya that “factors outside our control” are giving Malaysians really hard times this year.
He cited the significant drop in the Brent crude oil prices; the United States Federal Reserve’s move to normalise interest rates, and China’s economic slowdown as the factors that are placing Malaysia’s economic and financial situation on a precarious footing.
The prime minister, who also wears the country’s number one finance hat, reiterated that the current predicaments hitting hard on every wage earner and various business communities “are not our mistakes, not our weaknesses”.
It is academic that when the super powers and super economies sneeze, poorer nations can catch a cold. In a networked global economy, when the US and China take aggressive measures, Malaysia will be affected.
But that is missing the point precisely, if not glossing over moments of truths.
For several years when the going was good Malaysians and right-minded citizens have been harping on the need for greater accountability. There was a time when the price for oil hit US$100 per barrel. And that was not a hundred years ago.
Despite all the good times behind us - and not too far behind, we now reel under escalating costs of living and a weakening ringgit.
The Federation of Malaysian Consumers Associations (Fomca) too joins the leaders preaching to Malaysians about belt tightening measures these days.
The question we may all have glossed over is where did all the ‘good times money’ and yields go to? How did our leaders manage these? Did we not save for the future knowing full well that there will be “factors outside our control” that can come crashing on us?
The truth is, a nation that does not score high on ethical standard in business and governance suffers. It suffers at the slightest change in the “factors outside our control”.
Indeed, we must come to grips with the harsh fact that corruption weakens a nation and its price is paid heavily during global economic slowdown and financial quagmires.
If Malaysia rated like some of the north-north nations boasting corrupt free governance, Malaysia would be a different story given its decades of high yields, bell weather and good fortunes of recent pasts.
But instead the future we face today looks gloomier by the weeks. Even having to take up a second or third job seems to be the mantra being peddled. That is what we are into - going broke by the days.
Absolving ourselves, yet again
Yet again we absolve ourselves by preaching that the hard times lashing up on our shores “are not our mistakes, not our weaknesses”.
In these hard times a nation that lacks transparency and accountability; a nation of people who thrive on corruption; a government that scores poorly in making ethics as the number one value for and of its citizens - will pay an even riskier price in the wake of economic and financial measures taken in other progressive nations.
Perhaps, the Malaysian leaders from all sides of the divide should join hands and take an aggressive stand in and for the promotion of ethics in business - be it government or in private enterprises. This is not about being utopic.
It is what every civil and democratic nation must do - uphold, nurture and impose sustainable ethical values. To do so, we must first be contrite. Taking an absolved disposition with a claim that these “are not our mistakes, not our weaknesses” is another step backward into more gloom and doom.
To counter with a claim that we are doing everything we can or worst, that its “not our mistakes, not our weaknesses” is in itself an unethical standard or position to take.
JD LOVRENCIEAR is executive director, Business Ethics Institute of Malaysia.
