The Chinese Malaysian business community is pessimistic about the nation's economic outlook in a survey conducted by The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) focusing on the economic situation of the country for the second half of 2008.

"Three quarters (77 percent) of the respondents are pessimistic or somewhat pessimistic with regards to the Malaysian economic outlook in the medium term i.e. in the next two to three years whereas 22 percent are optimistic or somewhat optimistic," says the report.

On employee retrenchments, 47 percent said they intended to reduce their workforce in view of the current economic scenario while 52 percent would maintain their current workforce.

An overwhelming majority (89 percent) also expressed concern over public safety in the country.


News of retrenchment appears daily. The latest is the shutting down of factories in Penang, Philipines and the US by Intel. Intel intends to close two test facilities in Penang.

According to the figures released by the Statistic Department, November 2008 saw about 11000 employee being retrenched.

Many workers are forced to take longer Chinese New Year holidays. Many fear jobless after the festival.