Sigh, it doesn’t seem to end with all this upsetting news lately!
According to Free Malaysia Today, political and economic affairs analyst Prof Hoo Ke Ping predicts that Malaysia will undergo a recession in 2018.
“Malaysians will feel the pinch of recession from next year onwards due to various factors, including a decline in consumer confidence and the retrenchment of workers from such sectors as oil and gas, banking, retail, and electronics.”
“Prices of medium and high-end homes will drop, with property speculators starting to tighten their belts as bank loans become harder to get.”
Source: the mole
He predicted that this recession will hit almost all sectors in the country.
Aside from that, the expert also pointed out that Malaysia has experienced a recession almost every decade since the 1960s!
However, these next 2 years is supposedly the best time to buy property, according to Prof Hoo. For those looking to own medium to high-end property, the next 2 years will be the best time to do so.
Source: imoney
Prof Hoo said this is because the property market was showing signs of slowing down 6 months ago after many market speculators failed to get bank loans, buyers, or tenants for their properties.
Looks like this is a big heads up for everyone in Malaysia! It’s time to be more wise with our money for the next couple of years!
Also read: More And More Malaysian Chinese Are Leaving The Country, May Impact Nation’s Economy
