The world oil has been going up rapidly over the last 12 months but we, in Malaysia do not seem to be feeling the impact until last week when there was a 40% increase in the petrol price to RM2.70 per liter. Oil price went to a record of US$139.12 last Friday and it is expected to go up to US$150 - US$180 by the 2nd half of the year before adjusting downward. Personally, while we have been watching CNN and CNBC about the oil price future - there was no immediate impact. Now that the impact is here - we have to ask ourselves this question - what do we do and how do we move forward?
1997, again...
Rewind 10 years ago - we have a fairly similar situation 10 years ago when we have the Asian currency crisis - prices were going up everyday, no one was buying anything, no government tender - most purchasing activities come to a stand still for about 6 - 9 months. Will the same scenario happen to us in Malaysia, again? I would say that the next 6 months will be challenging time for many of us. We are moving into a phase of stagflation - stagnant growth with inflation.
What then?
Like 1997, while it is a tough period, it is also a good time for the forward looking people to plan, consolidate and prepare for the future. For the sales people like us, companies who are serious about their future will be a "qualified" opportunities for us to call upon.
"Tough times don't last but tough people do"
Dr. Robert Schuler
For the individual - we must take advantage of this situation to strengthen and build ourselves - growth and self-development should be a priority during this period. As for me, I hope to ride out this period stronger and more resilient.
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