As recently as March 9, we were reassured that the nation is not in recession. Second Finance Minister Tan Sri Nor Mohamed Yakcop was reported to have said, “We are not in recession. Recession is defined as two consecutive quarters of negative growth in real gross domestic product (GDP) but we have not even (recorded single negative growth yet).”
This must be reassuring news for the 54,977 workers who lost their jobs from October last year until February this year. This also might be a comfort for the 40,000 to 58,000 odd workers expected to lose their jobs by the year-end, as forecasted by the Human Resources Ministry.