Economic development to financial crisis (1990–98) Mahathir Mohamad

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a view of petronas twin towers , surrounding central business district in kuala lumpur, testament of malaysian phenomenal economic evolution under mahathir s 22-year rule.


the financial crisis threatened devastate malaysia. value of ringgit plummeted due currency speculation, foreign investment fled, , main stock exchange index fell on 75 per cent. @ urging of international monetary fund (imf), government cut government spending , raised interest rates, served exacerbate economic situation. in 1998, mahathir reversed policy course in defiance of imf , own deputy, anwar. increased government spending , fixed ringgit dollar. result confounded international critics , imf. malaysia recovered crisis faster southeast asian neighbours. in domestic sphere, political triumph. amidst economic events of 1998, mahathir had dismissed anwar finance minister , deputy prime minister, , claim have rescued economy in spite of anwar s policies.


in second decade in office, mahathir had again found himself battling malaysia s royalty. in 1992, sultan iskandar s son, representative hockey player, suspended competition 5 years assaulting opponent. iskandar retaliated pulling johor hockey teams out of national competitions. when decision criticised local coach, iskandar ordered him palace , beat him. federal parliament unanimously censured iskandar, , mahathir leapt @ opportunity remove constitutional immunity of sultans civil , criminal suits. press backed mahathir and, in unprecedented development, started airing allegations of misconduct members of malaysia s royal families. press revealed examples of rulers extravagant wealth, mahathir resolved cut financial support royal households. press , government pitted against them, sultans capitulated government s proposals. powers deny assent bills limited further constitutional amendments passed in 1994. status , powers of malaysian royalty diminished, wain writes mid-1990s mahathir had become country s uncrowned king .








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