What's the definition of a recession? The rule of thumb definition is that a recession occurs when real Gross Domestic Product (GDP) growth is negative over two or more consecutive quarters. That's why Singapore has already announced that it has now slipped into a recession.
So I couldn't believe my eyes when I read this report today. It was with so much confidence that Abdullah Ahmad Badawi told reporters that the country is "not going into recession at the moment because of its strong economic fundamentals, reserves and trade surplus."
For our sake, I hope he is right because I do not have any economic details ready at hand. I hope the government is no longer in a sustained state of denial and he is not joining Najib in trying to hoodwink us.