When Sibu town is flooded these few days, the world market is also flooded - but with depressing news of gloomy economic outlook.
We did expect conditions to go seriously wrong - even as far back as two years ago when the housing bubble started to deflate. But little did we anticipate them to get that bad and deep.
Stephen Roach, Chairman of Morgan stanley Asia said yesterday that the current globalized recession will be worse than even he foresaw last year.
Describing this recession as ruthless, Roach further added that we have got a simultaneous recession in the U.S., Europe and Japan which we have never seen before.
Developing economies in Asia are suffering, too. Malaysia is certainly not excepted.
Roach warned: There is not a country in the region that is not in recession or declining sharply. "The region has been hit hard, and there is more to come," Roach said.
Due to his generally pessimistic forecasts, Stephen Roach has been described as a "perennial bear". His views have been widely disseminated in print and on television, making him widely known among market professionals and the investing public.
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